On January 1,2011,Zenith,Inc

question 262

Multiple Choice

On January 1,2011,Zenith,Inc.signed a $200,000,5%,20-year mortgage note to buy a new office building.The mortgage will be repaid in a series of twenty equal annual installment payments.Calculate the amount of each payment.Round your answer to the nearest dollar.

• A)$10,000
• B)$16,049
• C)$10,500
• D)$20,000

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