Afamily is purchasing a house and needs to finance a $195,000 mortgage from the bank with an annual percentage rate (apr) of 5.3%. the family is financing it over 30 years and making monthly payments. what is the monthly payment?
group of answer choices

$541.67

$860.25

$1082.84

$1242.25

Monthly payment is $1082.84.

Solution:

Given data:

Principal = $195000

Rate per year =

Rate per month =

Time = 30 × 12 = 360 month

To find the monthly payment using formula:

If you simplify this using calculator, we get

Monthly payment = $1082.84

Option C is the correct answer.

Hence monthly payment is $1082.84.

the first question mark is 6 and the second question mark is 26 (the square root)

step-by-step explanation: