Math  /  Data & Statistics

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Determine the monthly principal and interest payment for a 20 -year mortgage when the amount financed is $285,000\$ 285,000 and the annual percentage rate (APR) is 4.5%4.5 \%. Click here for table of Monthly Payments
The monthly principal and interest payment is $\$ \square (Round to the nearest cent as needed.) Monthly Principal and Interest Payment per \1000 of Mortgage \begin{tabular}{|cccccc|} \hline \multicolumn{5}{c|}{ Number of Years } \\ Rate \% & 10 & 15 & \mathbf{2 0} & \mathbf{2 5} & \mathbf{3 0} \\ 4.0 & \10.12451 10.12451 & $7.39688\$ 7.39688 & $6.05980\$ 6.05980 & $5.27837\$ 5.27837 & $4.77415\$ 4.77415 \\ 4.5 & $10.36384\$ 10.36384 & $7.64993\$ 7.64993 & $6.32649\$ 6.32649 & $5.55832\$ 5.55832 & $5.06685\$ 5.06685 \\ 5.0 & $10.60655\$ 10.60655 & $7.90794\$ 7.90794 & $6.59956\$ 6.59956 & $5.84590\$ 5.84590 & $5.36822\$ 5.36822 \\ 5.5 & $10.85263\$ 10.85263 & $8.17083\$ 8.17083 & $6.87887\$ 6.87887 & $6.14087\$ 6.14087 & $5.67789\$ 5.67789 \\ 6.0 & $11.10205\$ 11.10205 & $8.43857\$ 8.43857 & $7.16431\$ 7.16431 & $6.44301\$ 6.44301 & $5.99551\$ 5.99551 \\ 6.5 & $11.35480\$ 11.35480 & $8.71107\$ 8.71107 & $7.45573\$ 7.45573 & $6.75207\$ 6.75207 & $6.32068\$ 6.32068 \\ 7.0 & $11.61085\$ 11.61085 & $8.98828\$ 8.98828 & $7.75299\$ 7.75299 & $7.06779\$ 7.06779 & $6.65302\$ 6.65302 \\ 7.5 & $11.87018\$ 11.87018 & $9.27012\$ 9.27012 & $8.05593\$ 8.05593 & $7.38991\$ 7.38991 & $6.99215\$ 6.99215 \\ 8.0 & $12.13276\$ 12.13276 & $9.55652\$ 9.55652 & $8.36440\$ 8.36440 & $7.71816\$ 7.71816 & $7.33765\$ 7.33765 \\ 8.5 & $12.39857\$ 12.39857 & $9.84740\$ 9.84740 & $8.67823\$ 8.67823 & $8.05227\$ 8.05227 & $7.68913\$ 7.68913 \\ 9.0 & $12.66758\$ 12.66758 & $10.14267\$ 10.14267 & $8.99726\$ 8.99726 & $8.39196\$ 8.39196 & $8.04623\$ 8.04623 \\ 9.5 & $12.93976\$ 12.93976 & $10.44225\$ 10.44225 & $9.32131\$ 9.32131 & $8.73697\$ 8.73697 & $8.40854\$ 8.40854 \\ \hline \end{tabular}

Studdy Solution
Calculate the total monthly payment by multiplying the monthly payment per \$1,000 by the total number of thousands in the mortgage amount:
Total Mortgage Amount=$285,000\text{Total Mortgage Amount} = \$285,000
Number of Thousands=285,0001,000=285\text{Number of Thousands} = \frac{285,000}{1,000} = 285
Monthly Payment=285×6.32649=1802.06065\text{Monthly Payment} = 285 \times 6.32649 = 1802.06065
Round the result to the nearest cent:
Monthly Payment=$1802.06\text{Monthly Payment} = \$1802.06
The monthly principal and interest payment is:
1802.06 \boxed{1802.06}

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