Question

Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed is $85,000 and the annualpercentage rate (APR) is 8.0%.The monthly principal and interest payment is $____

Answer 1

Per $1000 mortgage and APR of 8%, the monthly principal and interest payment shown in the table is 9.55652.

Let's determine when the amount financed is $85,000.

`\text{ Monthly principal and interest payment = }(85,000)/(1,000)\text{ x 9.55652}`

`=\text{ 85 x 9.55652}`

`\text{ = }812.3042\text{ = \$812.3042}`

Therefore, the answer is $812.3042.