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

The monthly payment is $494.64.

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.

`(73280)/(1000)=73.280`

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

`73.28*6.75`

= $494.64

Hence, the monthly payment is $494.64.