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(a) worked out incorrectly; or (b) worked out correctly but using a method not specified in the problem statement; or (c) not8) A man wants to borrow $312,000 to buy a house. (5 points) a) What is the monthly payment on a 30 year mortgage of $312,000

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Answer #1

R = pl (1+rn Given, $ 312000 t = 30 year 3.75% n. 12 . for monthly = 0.0375 month payment R = 312000 (0:0375) (1+0.0375 1-12x

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