Calculate the Annual Payment for a 20-Year Mortgage on a $3.5

question 53

Multiple Choice

Calculate the annual payment for a 20-year mortgage on a $3.5 million building at a 7.5% interest rate.Assume that the entire building is financed and that payments are made at the end of each year,starting at the end of the first year and ending at the end of the 20th year.

• A) $175,000.00
• B) $343,322.67
• C) $186,293.52
• D) $340,815.32

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