Solve the Problem

question 198

Multiple Choice

Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent.
Monthly Payments to Repay Principal and Interest on a $1000 Mortgage
-Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage.
Mortgage amount: $106,500
Term of mortgage: 25 years
Interest rate: 10%

• A)$1027.75
• B)$1005.55
• C)$930.49
• D)$967.766565

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Definitions:

Syllogism

A form of reasoning in which a conclusion is drawn from two given or assumed propositions (premises), typically using a major and a minor premise to arrive at a logical conclusion.

Premise

A declaration or assertion that forms the basis for another to be deduced or concluded.

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