A community for students.
Here's the question you clicked on:
← 55 members online
 0 viewing
anonymous
 2 years ago
Check my work please?
I got B for this one. But I am confused because it says compounded monthly. Did I skip a step or is B right?
Alice purchased a house using a fixed rate mortgage. The annual interest rate is 5.6% compounded monthly for 30 years. The mortgage amount is $205,000. What is the monthly payment on the mortgage?
$601.33
$1,176.86
$1,189.00
$1,271.15
anonymous
 2 years ago
Check my work please? I got B for this one. But I am confused because it says compounded monthly. Did I skip a step or is B right? Alice purchased a house using a fixed rate mortgage. The annual interest rate is 5.6% compounded monthly for 30 years. The mortgage amount is $205,000. What is the monthly payment on the mortgage? $601.33 $1,176.86 $1,189.00 $1,271.15

This Question is Closed
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.