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How much are monthly payments

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Problem 1: Molly is buying a house for $202,000. She is financing $185,500 and obtained a 30-year, fixed-rate mortgage with a 5.125% interest rate. How much are her monthly payments?

A. $1,010.02

B. $1,099.86

C. $12,239.53

D. $13,328.22

Problem 2: Mariah is buying a house for $416,000. She is financing $375,500 and obtained a 20-year, fixed-rate mortgage with a 4.325% interest rate. How much are her monthly payments?

A. $31,497.37

B. $28,430.92

C. $2,340.27

D. $2,592.69

Reference no: EM132878637

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