The house price is $307,574. The monthly payment for a 15-year mortgage at a rate of 6.8%.

To calculate the monthly payment for a mortgage, we can use the following formula for a fixed-rate mortgage:

\[
M = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1}
\]

Where:
- $ M $ is the monthly mortgage payment.
- $ P $ is the loan principal (house price).
- $ r $ is the monthly interest rate (annual rate divided by 12).
- $ n $ is the total number of payments (loan term in months).

For this problem:
- $ P = 307,574 $
- Annual interest rate $ = 6.8\% = 0.068 $
- Monthly interest rate $ r = \frac{0.068}{12} = 0.005667 $
- Loan term $ = 15 $ years $ = 15 \times 12 = 180 $ months

Now, let's compute the monthly mortgage payment.The monthly payment for a 15-year mortgage on a house priced at $307,574 with an interest rate of 6.8% would be approximately **$2,730.29**.

Do you want more details on how this is calculated or have any questions?

Here are 5 related questions to explore further:
1. What would the monthly payment be for a 30-year mortgage with the same interest rate?
2. How much interest will be paid over the full term of the 15-year mortgage?
3. What would the mortgage payment be if the interest rate dropped to 5%?
4. How does the length of the loan affect the monthly payments?
5. What portion of the first payment goes towards interest?

**Tip:** The longer the mortgage term, the lower the monthly payment, but the total interest paid over the loan term increases.

Learn how to calculate the monthly mortgage payment for a house priced at $307,574 with a 15-year loan at a 6.8% interest rate. This step-by-step solution covers key financial and algebraic concepts, including the mortgage payment formula. Suitable for high school students in Grades 10-12.

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