If you borrow $200,000 at an APR of 8% for 25 years, you will pay more per month than if you borrow the money for 30 years at 8%. A. What is the monthly payment on the 25-year mortgage, to the nearest cent?

Question

Mathematics

Conor Terrell

11 March, 03:00

If you borrow $200,000 at an APR of 8% for 25 years, you will pay more per month than if you borrow the money for 30 years at 8%. A. What is the monthly payment on the 25-year mortgage, to the nearest cent?

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Patience Massey · Answer 1

Answer: If I did the math correctly, then you would be paying roughly $53.33 per month.

Step-by-step explanation: $200,000 times. 08 = 16,000.

Since it is an APR, i needed to figure out how many months there are in 25 years. 25 times 12 = 300

16,000 divided by 300 appr. = $53.33