Amir Has Obtained a $250,000 Mortgage

question 8

Multiple Choice

Amir has obtained a $250,000 mortgage.The mortgage is amortized over 25 years and the term of the mortgage is 25 years.The mortgage interest rate is 9% compounded annually.Amir will begin making annual payments of $25,451.56 at the end of the year.How much of Amir's third payment is interest?

• A)$22,500.00
• B)$21,944.81
• C)$18,470.51
• D)$2,290.64