You Wish to Purchase Real Property

question 18

Multiple Choice

You wish to purchase real property.The lender will give you a $145,000 fixed?-rate,thirty?year mortgage at 7.50%,three discount points,monthly payments.Suppose that,before you make any payments,you receive a pay raise so you pay an extra $100 per month with your normal payment.How many payments are required to fully amortize the loan assuming the extra $100 is paid each month?

• A) 360
• B) 269.63
• C) 209.63
• D) 130.18
• E) none of the above