Suppose You Take Out a 30-Year Mortgage for $100,000 with Annual

question 74

Multiple Choice

Suppose you take out a 30-year mortgage for $100,000 with annual payments.The interest rate on the mortgage is 8%.When you have paid off half the mortgage,so that the value of the remaining payments is reduced to $50,000,how many more payments need to be made?

• A) Approximately 15 payments
• B) Approximately 12 payments
• C) Approximately 8 payments
• D) Approximately 20 payments