Question

7. Nick's new home had a purchase price of $145,500.

He got a 30-year fixed mortgage for 75% of the
purchase price. The interest rate on the loan is
3.15%. What is his monthly payment?

$3,437.44
$1,145.81
$467.72
$109.13
$145.50​

Answer 1

The answer should be 46.7.72

Answer 2

Monthly Payment = $ 467.72

Explanation:

145500-36250 = 25% and thus the total value to calculate = $108,750

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