Question

Can someone please help me solve this problem????

Weston is buying a house for $215,000. He is financing $185,000 and obtained a 30-year, fixed-rate mortgage with a 6.525% interest rate. How much are his monthly payments?

$1,005.94

$1,362.48

$1,614.09

$1,172.37

Answer 1

hello???
anyone???

Answer 2

Hang on, I have to write this out real quick :)

Answer 3

ok thanks :)

Answer 4

The answer is D. I was hoping to do this on paper but apparently I don't remember it anymore so I used this website instead: http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

Answer 5

thanks im using the monthly formula but i cant figure out how to find the number of times intrest is coumpounded

Answer 6

this is a good website but when im taking I test I really need to know how to use the formula properly.

Answer 7

What is the formula they're telling you to use?

Answer 8

M=P* i(1+1)^nt/(1+i)^nt-1
M equals P times fraction with numerator as product of i, and sum of 1 and i, sum raised to the power n times t, and denominator as subtraction of 1 from sum of 1 and i, sum raised to the power n times t.
•M is the monthly payment amount.
•P is the principal or original amount of the loan.
•i is the periodic interest rate or interest per period. It is calculated by dividing the annual interest rate by the number of periods or r divided by n.
•n is the number of times interest is compounded each year.
•t is the time period or length of the loan in years.
Close

Answer 9

The number of times interest is compounded or collected would be 12 because it would be added onto every monthly payment?

Answer 10

ok thank you so much :)

Answer 11

welcome