You Have a 20-Year, $225,000 Mortgage at 4% Interest

question 7

Multiple Choice

You have a 20-year, $225,000 mortgage at 4% interest. What is the amount of your mortgage prepayment if you pay $1,700 as your second mortgage payment? Assume your first payment was the agreed upon amount.

• A)$301.93
• B)$318.25
• C)$328.30
• D)$336.54
• E)$349.65

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Definitions:

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The process of assigning different levels of importance or emphasis to various elements in a calculation or analysis.

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The overall return on an investment over a certain period, accounting for both capital gains and dividends or interest.

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