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Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed is $85,000 and the annualpercentage rate (APR) is 8.0%.The monthly principal and interest payment is $____

Determine The Monthly Principal And Interest Payment For A 15year Mortgage When The Amount Financed Is 85000 And The Annualpercentage Rate APR Is 80The Monthly class=

Answer :

Per $1000 mortgage and APR of 8%, the monthly principal and interest payment shown in the table is 9.55652.

Let's determine when the amount financed is $85,000.

[tex]\text{ Monthly principal and interest payment = }\frac{85,000}{1,000}\text{ x 9.55652}[/tex]

[tex]=\text{ 85 x 9.55652}[/tex]

[tex]\text{ = }812.3042\text{ = \$812.3042}[/tex]

Therefore, the answer is $812.3042.

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