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Question 165

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Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent.
Monthly Payments to Repay Principal and Interest on a $1000 Mortgage Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent. Monthly Payments to Repay Principal and Interest on a $1000 Mortgage -Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage. Mortgage amount: $195,100 Term of mortgage: 5 years Interest rate: 8.5% A) $<4002.78 B) $4049.96 C) $3955.92 D) $2418.96
-Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage.
Mortgage amount: $195,100
Term of mortgage: 5 years
Interest rate: 8.5%


A) $<4002.78
B) $4049.96
C) $3955.92
D) $2418.96

Correct Answer:

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