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?

UpStudy ThothAI Solution

Tutor-Verified Answer

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.
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text

Enter your question here…

By image
Re-Upload
Uploaded Files
xxxx.png0%
Submit
📸 STUDY CAN BE A REAL STRUGGLE
Why Not UpStudy It?
Select your plan below
Premium

You can enjoy

  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to answer and
    solution
Basic
  • Limited Solutions