Question

Sanjeep wishes to take out a $250,000 mortgage. The yearly interest rate on the loan is 5% and the loan is for 25 years. Calculate the monthly repayments. Give your answer in dollars and cents. Do not include commas or the dollar sign in your answer.

Answer 1

Answer:

1041.66 a month

Step-by-step explanation:

250,000  x 0.05 = 12,500

12,500 a year

12,500 / 12 = 1041.66

1041.66 a month

Answer 2

Answer:$1,461.48.

Step-by-step explanation: