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Math help! Multiple choice! Cannon took out a mortgage of $85,290 on his new house. If the interest rate is 8.5% and the loan is for 25 years, how much will he pay monthly if he must pay $8.05 per $1,000?
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Math help! Multiple choice!

Cannon took out a mortgage of $85,290 on his new house. If the interest rate is 8.5% and the loan is for 25 years, how much will he pay monthly if he must pay $8.05 per $1,000?

1. $562.29
2.$686.59
3.$852.90
4.$992.25

User PBulls
by
8.0k points

1 Answer

4 votes
Number of thousands
85,290÷1,000
=85.29
monthly payment
85.29×8.05
=686.58
User Mike DaCosta
by
7.8k points
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