Solve the Problem

question 83

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: $195,100
Term of mortgage: 5 years
Interest rate: 8.5%

• A)$<4002.78
• B)$4049.96
• C)$3955.92
• D)$2418.96

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Definitions:

Convicted

The act of being declared guilty of a crime by the verdict of a jury or the decision of a judge in a court of law.

Felony

A crime—such as arson, murder, assault, or robbery—that carries the most severe sanctions. Sanctions range from one year in a state or federal prison to the death penalty.

Felony

A serious crime, typically involving violence, punishable by imprisonment for more than one year or by death.

Pay Child Support

The legal obligation of a non-custodial parent to contribute financially to the upbringing of their children.