7. Nick's new home had a purchase price of $145,500.

He got a 30-year fixed mortgage for 75% of the

purchase price. The interest rate on the loan is

3.15%. What is his monthly payment?

$3,437.44

$1,145.81

$467.72

$109.13

$145.50

The answer should be 46.7.72

Monthly Payment = $ 467.72

Step-by-step explanation:

145500-36250 = 25% and thus the total value to calculate = $108,750

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