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18 September, 16:03

Misty is buying a house for $385,000. She is financing $345,500 and obtained a 15 year fixed rate mortgage with the 4.875% interest rate. How much our her monthly payments? (show work)

A = $3019.55

B = $2709.75

C = $36,779.05

D = $ $33,005.61

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Answers (1)
  1. 18 September, 17:33
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    345500=pmt[ (1 - (1+0.04875/12) ^ (-12*15)) / (0.04875/12) ]

    Solve for pmt

    Pmt=2709.75
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