Marie is purchasing a $105,000 home with a 30 year mortgage at 5.25%. what’s her monthly principal and interest payment?
a. $414.73
b. $503.23
c. $556.09
d. $579.81

Her monthly principal payment is D: $579.81 and monthly interest payment is 0.4375.

Step-by-step explanation:

Ok, in order to calculate the monthly principal and interest payment, we can use this relatively simple equation. The equation is:

Where variables represent the following:

M is your monthly payment.

P is your principal.

r is your monthly interest rate, calculated by dividing your annual interest rate by 12.

n is your number of payments (the number of months you will be paying the loan throughout the 30 years)

Then, in this case:

M=?

P=$105,000

5.25%=5.25/100=0.0525, then

So, $

Solving this,

$

$

$

$

Her monthly principal payment is $579.81.

huh? im pretty sure it is in 199

step-by-step explanation: