John bought a house for $135,000,with a down payment of $20,000.He takes out a 20-year mortgage at j₂= 8%.What is his monthly mortgage payment?

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The correct answer is A because the monthly mortgage payment can be calculated using the formula:M = P * (r * (1 + r)^n) / ((1 + r)^n - 1)where:M = monthly mortgage paymentP = principal amount of the loanr = monthly interest raten = number of months in the loan termIn this case, the principal amount of the loan is $135,000 - $20,000 = $115,000, the monthly interest rate is 8% / 12 = 0.00667, and the number of months in the loan term is 20 * 12 = 240.Plugging these values into the formula, we get:M = 115000 * (0.00667 * (1 + 0.00667)^240) / ((1 + 0.00667)^240 - 1)= 115000 * (0.00667 * 7.1857) / (7.1857 - 1)= 115000 * 0.0481 / 6.1857= 952.61Therefore, the monthly mortgage payment is $952.61.

John Bought a House for $135,000,with a Down Payment of $20,000.He