Narrative 14-1
for Problems in This Section, Use Table 14-1 $5 \frac { 3 } { 4 } \%$

question 1

Multiple Choice

Narrative 14-1
For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, when necessary.
-Refer to Narrative in your text 14-1. Prepare an amortization schedule for the first 3 payments of an $87,000 mortgage at $5 \frac { 3 } { 4 } \%$ for 30 years. Find the loan balance after 3 payments.

• A) $83,855.24
• B) $86,725.08
• C) $86,274.99
• D) $85,345.15

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Definitions:

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