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Homework answers / question archive / Kelly has a loan amount of $150,000
Kelly has a loan amount of $150,000. She has an interest rate of 6%. The taxes she will pay for this year are $2,400. Her Hol payment each month is $120. What will her mortgage payment be? $1.070 $962 $1,700 $1.220 Question 5 of 12 EXIT
Answer : a) $1070
Explanation :
Monthly mortgage payment =
Monthly interest + Monthly payment + Monthly tax
= $ 750 + $120 +$200
= $1070
1) Monthly interest = 150000×6% ÷ 12
= $ 750
2) Monthly payment = $ 120
3) Monthly tax = $2400÷12 = $200
