A 20-Year Mortgage with Monthly Payments Has a Principal Outstanding

question 63

Multiple Choice

A 20-year mortgage with monthly payments has a principal outstanding of $125,000. Interest is at 8% compounded semi-annually. What are the monthly payments?

• A) $ 833.33
• B) $1,035.45
• C) $1,045.55
• D) $1,354.16

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