Question

Bob and Alice have a mortgage for $73,280. If the mortgage is set at 7 percent for 30 years, how much is their monthly payment if their rate is 6.75 per 1,000?

A) $494.64
B) $91,647
C) $243.64
D) $473.34

Answer 1

Hi there

First find the number of thousands on 73280
73,280÷1,000
=73.28
now find the monthly payment (6.75 per thousand) so
73.28×6.75
=494.64.....answer

Hope it helps