Given the Following Information on a Fixed-Rate Fully Amortizing Loan

question 1

Multiple Choice

Given the following information on a fixed-rate fully amortizing loan, determine the maximum amount that the lender will be willing to provide to the borrower. Loan Term: 30 years, Monthly Payment: $800, Interest Rate: 6%.

• A) $6,707
• B) $9,295.15
• C) $13,333
• D) $133,433

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