Answer:
$768.54 (Approximate)
Step-by-step explanation:
Trey is taking out a loan for $85000. It is a 20-year loan with an APR of 5.85%.
Therefore, if we consider the interest rate is simple interest, then using the simple interest formula, the sum will become after 20 years
[tex]85000(1 + \frac{5.85 \times 20}{100}) = 184450[/tex] dollars.
Therefore, the monthly payment for the loan will be [tex]\frac{184450}{20 \times 12} = 768.54[/tex] dollars. (Answer)
