Question

Misty is buying a house for $385,000. She is financing $345,500 and obtained a 15-year, fixed-rate mortgage with a 4.875% interest rate. How much are her monthly payments?

$3,019.55

$2,709.75

$36,779.05

$33,005.61


And please explain why!

Answer 1

345500=pmt[(1-(1+0.04875/12)^(-12×15))/(0.04875/12)]

Solve for pmt

Pmt=2709.75

So the answer is B