Suppose You Are Buying Your First Home for $145,000, and You

question 80

Multiple Choice

Suppose you are buying your first home for $145,000, and you have $15,000 for your down payment.You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month.What will your monthly payments be?

• A) $741.57
• B) $780.60
• C) $821.69
• D) $862.77
• E) $905.91

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