Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 1/2% for 30 years. Using the table in the handbook, his monthly payment is:

Name: Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 1/2% for 30 years. Using the table in the handbook, his monthly payment is:
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Question

Quizplus · Accepted Answer

Ben Brown's loan amount is $180,000 (80% of $225,000). Using the mortgage table for 6.5% over 30 years, the monthly payment per $1,000 is approximately $7.16. Therefore, $7.16 * 180 = $1,139.40.

Ben Brown Bought a Home for $225,000