You Have a 30-Year Mortgage with a Simple Annual Interest

question 87

Multiple Choice

You have a 30-year mortgage with a simple annual interest rate of 8.5 percent.The monthly payment is $1,000.What percentage of your total payments over the first three years goes toward the repayment of principal?

• A) 1.50%
• B) 3.42%
• C) 5.23%
• D) 6.75%
• E) 8.94%

---

Definitions:

Harassment

Harassment involves unwanted, aggressive behavior or actions that can be physically or psychologically harmful.

National Origin

The country where a person was born or from which their ancestors came.

Clinical Depression

A serious medical condition characterized by persistent feelings of sadness, hopelessness, and a lack of interest or pleasure in life.

General Anxiety Disorder

A mental health disorder characterized by persistent and excessive worry about various aspects of life, beyond normal stress or anxiety levels.