1 answer

Shelly is buying a $350,000 home and will pay the mortgage monthly for 30 years. She...

Question:

Shelly is buying a $350,000 home and will pay the mortgage monthly for 30 years. She has a good credit score and has qualified for a 5.125% loan interest. How much will she be paying monthly for the home?

A. $1,905.70

B. $1,572.72

C. $2,013.67

D. $975.88


Answers

[ (1-(1/(1+rAn)))/r] Monthly repayment -PMT = Loan 350,000 [(1-(1/(1.004271^360)))/0.004271] $1,905.70

.

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