Solve the Problem

question 212

Multiple Choice

Solve the problem. If necessary, refer to the table below.
-In order to purchase a home, a family borrows $60,000 at an annual interest rate of 9%, to be paid back over a 15-year period in equal monthly payments. What is their monthly payment?

• A)$667.67
• B)$608.56
• C)$450.00
• D)$30.00

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