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Help!!!! I AM GOING TO FAIL!!!! What is the monthly payment on a​ 15-year loan of ​$90 100 if the annual interest rate is​ 6.5%? The monthly principal and interest payment per​ $1000 of mortgage is 8.71107.
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Help!!!! I AM GOING TO FAIL!!!!

What is the monthly payment on a​ 15-year loan of ​$90 100 if the annual interest rate is​ 6.5%? The monthly principal and interest payment per​ $1000 of mortgage is 8.71107.
I forgot the formula.

A.​$810.00
B.​$784.87
C.​$760.44
D.​$672.15

User Ricardo Romo
by
4.9k points

1 Answer

1 vote
Answer is B

Formula is: P=r(PV)/1-(1+r)-n

r = .065/12 = .00541
P = $90,100
n = 15 x 12 = 180

P= 90,100 X 0.00541 / 1 - (1 + 0.00541)-180

P= $784.87
User Mike Jablonski
by
4.7k points
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