Your Mortgage Requires That You Pay $12,000 at the End

question 9

Multiple Choice

Your mortgage requires that you pay $12,000 at the end of each of the next 30 years.If the annual interest rate is 12%,then you must have borrowed approximately:

• A) $117,660.
• B) $96,660.
• C) $78,660.
• D) $63,660.
• E) $133,660.

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