If $120,000 Is Borrowed for a Home Mortgage,to Be Repaid

question 50

Multiple Choice

If $120,000 is borrowed for a home mortgage,to be repaid at 9% interest over 30 years with annual payments of $11,680.36,how much interest (as opposed to return of capital) is paid in the last year of the loan?

• A) $120,000
• B) $162,000
• C) $181,458
• D) $227,598

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