Hugh Akston Took Out a 30-Year Mortgage with an EAR

question 15

Multiple Choice

Hugh Akston took out a 30-year mortgage with an EAR of 5.9%.If Hugh borrowed $300,000 to buy his home,then his monthly payment will be closest to:

• A)$835.
• B)$1750.
• C)$1780.
• D)$10,240.

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Definitions:

Budget Process

A planning process that involves the creation of a financial plan or budget to project future revenues and expenses, guiding an organization's financial decisions.