9.3k views
2 votes
In order to purchase a home, a family borrows $159,000 at 6.5% for 30 years. Use the table to find their monthly payment. Round the answer to the nearest cent.

a. $954.00                 c. $1,186.14
b. $1,006.47               d. $1,276.36


In order to purchase a home, a family borrows $159,000 at 6.5% for 30 years. Use the-example-1

2 Answers

6 votes

Answer:

B

Explanation:

User Squishy
by
9.1k points
0 votes
So, the given figure above shows us the monthly payments and interest in a $1000 of mortgage. So the interest rate monthly for 30 years is 6.33 dollars. So now, since it is stated that you are going to borrow $159,000, we will just have to multiply 6.33 by 159 and the result would be $1006.47. Therefore, the answer would be option B. Hope this answer helps.
User Daniel Mohr
by
7.9k points