Ms Colonial Has Just Taken Out a $150,000 Mortgage at an Interest

question 10

Multiple Choice

Ms. Colonial has just taken out a $150,000 mortgage at an interest rate of 6 percent per year. If the mortgage calls for equal monthly payments for 20 years, what is the amount of each payment? (Assume monthly compounding or discounting.)

• A)$1,254.70
• B)$1,625.00
• C)$1,263.06
• D)$1,074.65

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