Solve the Problem Using the Loan Payoff Table or an Amortization

question 72

Multiple Choice

Solve the problem using the loan payoff table or an amortization table.
-A movie star purchased a home costing $708,815. He put 20% down and signed a note for monthly payments at 9% interest for 4 years. Find the amount of each monthly payment and the total amount of interest paid on the loan.

• A)$14,113.92, $110,416.16
• B)$17,642.41, $138,020.68
• C)$13,841.74, $97,351.52
• D)$14,380.44, $123,209.12

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