Question

Maya's new home had a purchase price of $325,500. Maya and her husband got a 15-year fixed mortgage for 70% of

the purchase price. The interest rate on the loan was 2.990%. What was their monthly payment?
1569.00

Answer 1

Their monthly payment will be $ 1,303.68.

Explanation:

Since Maya's new home had a purchase price of $ 325,500, and Maya and her husband got a 15-year fixed mortgage for 70% of the purchase price, and the interest rate on the loan was 2,990%, to determine what was their monthly payment, the following calculation must be performed:

((325,500 x 0.7) x 1.0299) / (12 x 15) = X

(227,850 x 1.0299) / 180 = X

234,662,715 / 180 = X

1,303.68 = X

Therefore, their monthly payment will be $ 1,303.68.