Question

Help!!!! I AM GOING TO FAIL!!!!

What is the monthly payment on a​ 15-year loan of ​$90 100 if the annual interest rate is​ 6.5%? The monthly principal and interest payment per​ $1000 of mortgage is 8.71107.
I forgot the formula.

A.​$810.00
B.​$784.87
C.​$760.44
D.​$672.15

Answer 1

Answer is B

Formula is: P=r(PV)/1-(1+r)-n

r = .065/12 = .00541
P = $90,100
n = 15 x 12 = 180

P= 90,100 X 0.00541 / 1 - (1 + 0.00541)-180

P= $784.87