Question

Sonia has a 5.8% fixed rate 20-year mortgage in the amount of $275,000. The total cost of principal and interest is about $465,262. Which of the following is closest to Sonia's monthly payment?

here is options:

$1,939

$2,326

$1,146

$1,375

Answer 1

Monthly payment would be:

$465,262 / (20*12).
$465,262 / (240)
Answer: $1,938.59167 which rounds to $1,938.59
After rounding this to the nearest whole number it becomes $1,939 so the answer would be your first option.

Answer 2

And this isn't astronomy but ok- ;-;

Answer 3

i know i already did a finiancial but it wont let me do it again

Answer 4

\(\color{#0cbb34}{\text{Originally Posted by}}\) @christiannnag18
i know i already did a finiancial but it wont let me do it again
\(\color{#0cbb34}{\text{End of Quote}}\)
I thought it'd be math but that works too 😂

Answer 5

Do you get what I did though?

Answer 6

yes i did thank you

Answer 7

\(\color{#0cbb34}{\text{Originally Posted by}}\) @christiannnag18
yes i did thank you
\(\color{#0cbb34}{\text{End of Quote}}\)
No problem! :)