Question

you missed a monthly payment on your mortgage your monthly payment is $1278 your mortgage holder place is 5% penalty on all late monthly payments what is your total penalty cost

Answer 1

Answer: $1342.35

Step-by-step explanation: Not how most people would go about solving this, but what I did was divide 1278 by 100 to get how much 1% is. I then multiplied that by 5 to get the total of 5% of it. All i needed to do after that was add it onto 1278 giving me the answer.

Answer 2

Answer: $63.90

Step-by-step explanation:

$1,278 + 5% = $63.90