Weston is buying a house for $215,000. he is financing $185,000 and obtained a 30-year, fixed-rate mortgage with a 6.525% interest rate. how much are his monthly payments?

For the answer to the question above asking   How much are Weston's monthly payments if Weston is buying a house for $215,000. He is financing $185,000 and obtained a 30-year, fixed-rate mortgage with a 6.525% interest rate.?

PV 185,000, N 360, R 6.525% / 12 = .54375%. the answer is Pmt = 1,172.37 

For #1 a real life problem that could use this information would be "If a mud wall is built 24 feet high, and rain reduces the height by 6 feet every year, how long will it take the wall to disappear altogether?".

Step-by-step explanation:

When designing a problem like this when we already know the answer, use the y-intercept as a starting point. In this case, we start with a 24 foot wall.

Next use the rate as what changes for every unit. In this case, the height changes every year by -6.

Finally, the answer should always be the x-intercept.