Question

John is buying a home with a $420,000 mortgage using a 6.5

percent, 15-year loan. If the payment per $1,000 debt under these
terms is $8.7111. how much is the monthly payment?
O $3,579.50
O $3,658.66
O $2,787.55
C
O $3,200.00

Answer 1

$8.7111×420

Step-by-step explanation:

The monthly payment can be calculated by multiplying the payment per $1,000 debt by the total debt in thousands.

Given that the payment per $1,000 debt is $8.7111 and the total mortgage is $420,000, we can calculate the monthly payment as follows:

Monthly Payment=$8.7111×$1,000$420,000​

This simplifies to:

Monthly Payment=$8.7111×420