Answer:
$1,700
Step-by-step explanation:
Given the following :
Period of mortgage = 25 years
Mortgage amount = $130,000
Total interest on mortgage = $380,000
Hence,
Total amount to be paid ( principal + interest) :
($130,000 + $380,000) = $510,000
Total number of months over the 25 years period:
25 × 12 = 300 months
Payment per month:
Total repayment / number of months
= $510,000 / 300
= $1,700 per month
