Question

Bob and Alice have a mortgage for $73,280. If the mortgage is set at seven percent for 30 years how much is their monthly payment if the rate is 6.75 per $1000?

Answer 1

$494.64 is the answer

Answer 2

Answer:

The monthly payment is $494.64.

Step-by-step explanation:

Bob and Alice have a mortgage for $73,280.

The rate is 6.75 per $1000

So, lets find the number of thousands in $73280.

$\frac{73280}{1000}=73.280$

So, we have the monthly payment (6.75 per thousand) as :

$73.28\times6.75$

= $494.64

Hence, the monthly payment is $494.64.