7. Nick's new home had a purchase price of $145,500.

He got a 30-year fixed mortgage for 75% of the

purchase price. The interest rate on the loan is

3.15%. What is his monthly payment?

$3,437.44

$1,145.81

$467.72

$109.13

$145.50

Monthly Payment = $ 467.72

Step-by-step explanation:

145500-36250 = 25% and thus the total value to calculate = $108,750

Find the Payment Amount

Calculate the payment required for your loan amount and term. Find your ideal payment amount by changing loan amount, interest rate, and number of payments in the loan. Try different loan scenarios and create and print an amortization schedule or create a loan payment table to easily compare principal and interest amounts.

The answer should be 46.7.72