Hanson Boyd
10/08/2023 · High School
The Smiths took out a 30 -year mortgage. How many monthly payments will they have to make on this mortgage?
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Step-by-step Solution
A 30-year mortgage typically requires monthly payments for the entire duration of the loan. Since there are 12 months in a year, you can calculate the total number of monthly payments by multiplying the number of years by the number of months per year:
\[
30 \text{ years} \times 12 \text{ months/year} = 360 \text{ monthly payments}
\]
Therefore, the Smiths will have to make **360 monthly payments** on their 30-year mortgage.
Quick Answer
The Smiths will make 360 monthly payments on their 30-year mortgage.
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