Nell's mortgage is $50,150 at 10 percent for 30 years. What is her monthly payment if she must pay 8.78 points per $1,000? (Points : 1) $440.32 $439 $422.95 $385.89
Mathematics · High School · Tue Nov 03 2020
llm
Answered on
Given :
Nell's mortgage is $50,150 at 10 percent for 30 years and she must pay 8.78 points per $1,000.
So, EMI on $1000 is $8.78 ,
so EMI on $1 = 8.78/1000 = 0.00878
Now, EMI on $50,150 = $50,150 × 0.00878
= $440.317 or $440.32
Hence, option (a) is correct.