Answer:
Monthly payment = $527.78
Step-by-step explanation:
Given : Ashley Harrison takes out a $100,000 mortgage. The total amount of interest for 30 years is $90,000.
To find : What is the payment per month?
Solution : Ashley Harrison takes out a $100,000 mortgage. Amount for 30 years $90,000.
Since the total paid for 30 years is :
100000 + 90000 = 190000
The monthly payment will be:
n= 12×30 = 360
[tex]\text{Monthly payment}=\frac{\text{Total amount}}{n}[/tex]
[tex]\frac{190000}{360}=527.78[/tex]
Therefore, Monthly payment = $527.78
