John is buying a home with a $120,000 mortgage using a 6.5 percent,15-year loan.If the payment per $1,000 debt under these terms is $8.7111,how much is the monthly payment?

Question

Quizplus · Accepted Answer

To calculate the monthly payment, we need to first find the total debt. 
Total debt = $120,000

Next, we need to find the payment for $1,000 of debt, which is given as $8.7111. 
Using this, we can find the payment for the total debt:

Payment = $8.7111 * 120

Payment = $1,045.33

Therefore, the monthly payment is $1,045, which is closest to option (B).

John Is Buying a Home with a $120,000 Mortgage Using