Cannon took out a mortgage for $85,290 on his new house. if the interest rate is 8.5 percent and the loan is for 25 years, how much will he pay monthly if he must pay $8.05 per $1,000?

The answer is $686.584

Step-by-step explanation:

Given is, Cannon pays $8.05 per month for every $1,000, so we have a ratio:   8.05 / 1000  

Now, we will find the second ratio which is an unknown payment per month over the price:   x / 85290  

Equaling them to solve for x :

So, x = 686.584

Hence, the answer is $686.584