A Borrower Obtains a $150,000 Reverse Mortgage with Monthly Payments

question 9

Multiple Choice

A borrower obtains a $150,000 reverse mortgage with monthly payments over 10 years.If the interest rate of the mortgage loan is 8%,what is the monthly payment received by the borrower?

• A)$820
• B)$863
• C)$1,250
• D)$1,820

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Definitions:

RSLogix 5000

A software programming package used for industrial automation and control, specifically designed for programming Allen-Bradley Logix5000 family of controllers.

Logix Controllers

Programmable logic controllers designed by Rockwell Automation, used in industrial automation and control systems.

Data Structure

A systematic approach for saving and arranging information in a computer to enable efficient retrieval and alteration.

User-Defined

Relating to a feature, function, or data that can be customized or specified according to the user's requirements or inputs, rather than being pre-set by software or hardware standards.