If a Monthly Principal and Interest Payment for a 30-Year

question 6

Multiple Choice

If a monthly principal and interest payment for a 30-year, 12% loan of $1,000 would be $10.29 what would the monthly payment be for a home purchased at $75,500 with an 80% loan on those terms?

• A) $10.29
• B) $621.52
• C) $755.90
• D) $776.90

---

Definitions:

Schedule E

A tax document utilized to declare earnings and deficits from real estate rentals, royalty payments, partnerships, S corporations, estates, and trusts.

Schedule D

A form used with IRS tax returns to report capital gains and losses from transactions of capital assets.

Schedule K-1

A tax document issued for an investment in partnership entities, used to report the income, losses, and dividends of partners.

1099-MISC

An Internal Revenue Service (IRS) tax form used in the U.S. to report payments made in the course of a trade or business to individuals who are not employees.