Kelly has a loan amount of $150,000

Accounting Jan 19, 2021

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

Expert Solution

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

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