You Are Considering Purchasing a New Home

question 29

Multiple Choice

You are considering purchasing a new home.You will need to borrow $250,000 to purchase the home.A mortgage company offers you a 15-year fixed rate mortgage (180 months) at 9% APR (0.75% month) .If you borrow the money from this mortgage company,your monthly mortgage payment will be closest to:

• A)$2585
• B)$660
• C)$2535
• D)$1390
• E)$1868

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