Sonika has a 6.4% fixed rate 40-year mortgage in the amount of $425,000. The total cost of principal and interest is about $1,179,830. Which of the following is closest to Sonika’s monthly payment?

$1,063

$2,458

$2,950

$885

Question

Sonika has a 6.4% fixed rate 40-year mortgage in the amount of $425,000. The total cost of principal and interest is about $1,179,830. Which of the following is closest to Sonika’s monthly payment?

 $1,063

 $2,458

 $2,950

 $885

anonymous · Answer

this may help... http://en.wikipedia.org/wiki/Fixed-rate_mortgage

anonymous · Answer

$2458 is the monthly payment, assuming a 40-year mortgage with an annual rate of 6.4%.