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 $1000?

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Hey Europa, before you delete my answer from this question, why don't you delete the wrong answer first? You're a useless moderator ...

85 290 dollars is his loan which is for 25 years with 8.5 percent fixed rate.

=> 85 290 * 0.85 = 7249.65 dollars for the interest

=> 85 290 + 7249.65 = 92 539.65 dollars

=> 92539.65 / 25 years = 3701.59 dollars yearly

=> 3701.586 / 12 = 308.47 dollars monthly.