You plan to purchase a home mortgage for a home that costs $613587 with a 3% interest rate for 25 years. How much is the monthly payment for the mortgage with the interest? Find the simple interest use the formula PRT. Then add the cost of the home to the interest to get the total. Calculate the total divided by the number of months in 25 years. Round your answer to 2 decimal places.

You plan to purchase a home mortgage for a home that costs $613587 with a 3% interest rate for 25 years. How much is the monthly payment for the mortgage with the interest? Find the simple interest use the formula PRT. Then add the cost of the home to the interest to get the total. Calculate the total divided by the number of months in 25 years. Round your answer to 2 decimal places.

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...

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