Can someone me solve this weston is buying a house for $215,000. he is financing $185,000 and obtained a 30-year, fixed-rate mortgage with a 6.525% interest rate. how much are his monthly payments? $1,005.94 $1,362.48 $1,614.09 $1,172.37,

$1,172.37 The formula for calculating the payment on a loan is P = r(PV)/(1 - (1 + r)^(-n)) where P = Payment PV = Present value r = interest per period n = number of periods Since there's 12 months per year and the loan is for 30 years, there will be 12 * 30 = 360 periods. The interest rate per month will be 0.06525 / 12 = 0.0054375, and finally, the present value is the size of the loan at 185000. Now let's substitute and solve. P = r(PV)/(1 - (1 + r)^(-n)) P = 0.0054375(185000)/(1 - (1 + 0.0054375)^(-360)) P = 1005.9375/(1 - (1.0054375)^(-360)) P = 1005.9375/(1 - 0.141961802) P = 1005.9375/0.858038198 P = 1172.369134 P = 1172.37 So the monthly interest and principle payments are $1,172.37 Note: The actual payments will be higher since the above figure doesn't include insurance and taxes.

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