Answer:
4.24
Step-by-step explanation:
First, let's set up the equation:
Next, clear the fraction by multiplying both sides by 2:
Then, subtract 2 from both sides:
Finally, take a square root of both sides and round: (Rounded to the nearest hundredth) 4.24
The monthly payment on the mortgage is option C) $2537.44
<u>Step-by-step explanation</u>:
The formula is A = P(1 + r/n)^nt
⇒ A = 295000(1+0.063/180)^(18015)
⇒ A = 295000(180.063/180)^2700
⇒ A = 295000 (1.00035)^2700
⇒ A = 758854.5
Interest = Amount - Principle
⇒ 758854.5 - 295000
⇒ Interest = 463854.5
∴ The monthly payment for 15 years = 463854.5 / (1512)
The monthly payment on the mortgage = 2576.9 (approximately option C)