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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?
a) $440.32
b) $439
c) $442.95
d) $385.89

Respuesta :

Hagrid
The right answer for the question that is being asked and shown above is that:  "d) $385.89." Nell's mortgage is $50,150 at 10 percent for 30 years. Her monthly payment if she must pay $8.78 points per $1,000 is that of d) $385.89

Answer:

The correct option is a.

Step-by-step explanation:

It is given that Nell's mortgage is $50,150 at 10 percent for 30 years and she must pay $8.78 points per $1,000.

EMI on $1000 is $8.78, so EMI on $1 is

[tex]\text{EMI on }\$1=\frac{8.78}{1000}=0.00878[/tex]

EMI on $50150 is

[tex]\text{EMI on }\$50150=0.00878\times 50150=440.317\approx 440.32[/tex]

Therefore the correct option is a.

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