Eric took out an 80/20 mortgage to buy a house costing $175,000. the first (80%) mortgage has an interest rate of 4.75%, and the second (20%) mortgage has an interest rate of 7.525%. both are 30-year fixed-rate mortgages. what is total mortgage payment for this house?

a. $975.63

b. $805.87

c. $245.32

d. $730.31

The total monthly mortgage payment for the house is $975.63

Step-by-step explanation:

The principle amount is $175000

80% of 175000 is = = $140000

20% of 175000 is = = $35000

Emi formula is :

For 1st part:

p = 140000

r = 4.75/12/100=0.00395

n =

Putting values in formula we get

= $729.508

For 2nd part:

p = 35000

r = 7.525/12/100=0.00627

n =

Putting values in formula we get

= $245.301

Adding both the monthly payments:

dollars

This is closest to option A.

So, option A is the answer.

And for 30 years the mortgage payment will be =

dollars

i need a picture

step-by-step explanation:

yes

step-by-step explanation:

yes