Question

Nell's mortgage is $50,150 at 10 percent for 30 years.

What is her monthly payment if she must pay $8.78 per $1,000?

Answer 1

The correct option is a.

Step-by-step explanation:

It is given that Nell's mortgage is $50,150 at 10 percent for 30 years and she must pay $8.78 points per $1,000.

EMI on $1000 is $8.78, so EMI on $1 is

EMI on $1 = 8.78/1000 = 0.00878

EMI on $50150 is

EMI on $50150 = 0.00878 x 50150 = 440.317 = 440.32

Therefore the correct option is a.

Hope this help you! ^_^