A new home buyer pays 4% annual interest on her first mortgage and 9% annual interest on her second mortgage. If she borrowed a total of $320,000, 80% of which was in the first mortgage, what is her approximate monthly interest payment? Answers.
A) $1,333	B) $1,733	C) $3,466	D) $13,333	E) $20,796
Making the numbers a little easy looking:   Monthly payment = 320,000*(80/100*4/100+20/100*9/100)/12   = 3200/12*(3.2+1.8)   = 16000/12=1333   $1,333NSWER:$1,333
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A new home buyer pays 4% annual interest on her first mortgage and 9% annual interest on her second mortgage. If she borrowed a total of $320,000, 80% of which was in the first mortgage, what is her approximate monthly interest payment?