You Have a 25-Year Mortgage at 5% Interest

question 52

Multiple Choice

You have a 25-year mortgage at 5% interest. The initial loan amount was $250,000. By how much did the principal decrease over the first 10 years of the loan? Payments are made monthly.

• A)$61,345
• B)$64,580
• C)$65,189
• D)$66,453
• E)$68,618

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