The payment, P, at the annual rate, r, on the mortgage amount, M, that runs for t years is given by the formula: https://media.glynlyon.com/g_alg02_ccss_2013/9/alg02u09c03l23d_p8a.gif
, where n is the number of payments per year.
What is the monthly payment on a house bought for $200,000 at 6.5% rate of interest for 30 years? Round your answer to the nearest whole number.
Kelly bought a house for $100,000 and pays the monthly payment of $800 at 8% rate of interest. How many months will it take Kelly to pay off her mortgage loan? Round your answer to the nearest whole number.

Question

The payment, P, at the annual rate, r, on the mortgage amount, M, that runs for t years is given by the formula: https://media.glynlyon.com/g_alg02_ccss_2013/9/alg02u09c03l23d_p8a.gif
, where n is the number of payments per year.
What is the monthly payment on a house bought for $200,000 at 6.5% rate of interest for 30 years? Round your answer to the nearest whole number.
Kelly bought a house for $100,000 and pays the monthly payment of $800 at 8% rate of interest. How many months will it take Kelly to pay off her mortgage loan? Round your answer to the nearest whole number.