Morgan is buying a house for $314,000. She is financing $275,500 and obtained a 25-year, fixed-rate mortgage with a 5.875% interest rate. How much are her monthly payments?

Answer choices:
$24,272.20
$21,296.15
$1,999.18
$1,754.06

Question

Morgan is buying a house for $314,000. She is financing $275,500 and obtained a 25-year, fixed-rate mortgage with a 5.875% interest rate. How much are her monthly payments?

Answer choices:
 $24,272.20
 $21,296.15
 $1,999.18
 $1,754.06

misty1212 · Answer

HI 
i sure hope it is not A or B
do you have a formula to use ?

anonymous · Answer

i have no idea honestly. i'm clueless to this stuff

misty1212 · Answer

i think it is this http://www.wolframalpha.com/input/?i=%28275500*.0587%2F12%29%2F%281-%281%2B.0587%2F12%29%5E%28-25*12%29%29

misty1212 · Answer

at least that gave an answer choice
the formula is rather long and confusing

anonymous · Answer

yeah i would say so

anonymous · Answer

I will take your word for it lol

misty1212 · Answer

$$\color\magenta\heartsuit$$

anonymous · Answer

http://prntscr.com/76g68w

anonymous · Answer

there are mortgage calculators online , which is nice

anonymous · Answer

@misty1212  how come the online calculator gave the same answer as the multiple choice, but your wolfram calculation did not give the same

anonymous · Answer

http://prntscr.com/76gaks

anonymous · Answer

It's  D