How much would the monthly payment be on a $400,000,5% APR,30 year mortgage?
A)$2,147.29
B)$14,211.75
C)$1,666.67
D)$1,717.83

Name: How much would the monthly payment be on a $400,000,5% APR,30 year mortgage? A)$2,147.29 B)$14,211.75 C)$1,666.67 D)$1,717.83
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Quizplus · Accepted Answer

The monthly payment on a $400,000, 5% APR, 30-year mortgage can be calculated using the formula for a fixed-rate mortgage. The correct calculation results in a monthly payment of approximately $2,147.29.

How Much Would the Monthly Payment Be on a $400,000,5