Question

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 $____

Answer 1

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.

$\text{ Monthly principal and interest payment = }\frac{85,000}{1,000}\text{ x 9.55652}$

$=\text{ 85 x 9.55652}$

$\text{ = }812.3042\text{ = \ 812.3042}$

Therefore, the answer is $812.3042.