SOLUTION: On a certain home mortgage, there is a monthly payment of $9.83 for every $1000 that is borrowed. What is the monthly payment on this type of loan if $ 157,000 is borrowed?

Question 1191109: On a certain home mortgage, there is a monthly payment of $9.83 for every $1000 that is borrowed. What is the monthly payment on this type of loan if $ 157,000 is borrowed?
Answer by math_tutor2020(3817) (Show Source): You can put this solution on YOUR website!

(payment)/(amount borrowed) = (payment)/(amount borrowed)
(9.83 dollars payment)/(1000 dollars borrowed)=(x dollars payment)/(157,000 dollars borrowed)
(9.83)/(1000) = (x)/(157,000)
9.83*157,000 = 1000x
9.83*157 = x
x = 1,543.31

The monthly payment is $1,543.31

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