Walker is buying a house for $225,000. He is financing $195,000 and obtained a 30-year, fixed-rate mortgage with a 6.625% interest rate. How much are his monthly payments?

Question

anonymous · Answer

So first of all you need to find out what the 6.625% of 195.000 is.
195.000*.06625=12918.75
Then add it on 195.000 to get the total amount to pay for.
195.000+12918,75=207.918,75
Then find out how many months you have to pay it off and then divide it by the total payment. 
30*12(months)=360months 
207.918,75/360=577.55$ (his monthly payments)