To determine how many monthly payments the Smiths will have to make on their 30-year mortgage, let's break it down step-by-step.
1. Identify the duration of the mortgage: The mortgage is for 30 years.
2. Determine how many months are in one year: There are 12 months in a year.
3. Calculate the total number of monthly payments: Multiply the number of years by the number of months in each year.
[tex]\[ \text{Total monthly payments} = 30 \text{ years} \times 12 \text{ months per year} \][/tex]
When you perform this multiplication:
[tex]\[ 30 \times 12 = 360 \][/tex]
Thus, the Smiths will have to make a total of 360 monthly payments on their mortgage.
The best answer is:
OB. 360
