A Mortgage Requires Payments of $1000

question 23

Multiple Choice

A mortgage requires payments of $1000.00 at the end of every month for twenty-five years. If interest is 6% compounded semi-annually, calculate the principal of the loan.

• A) $156,297.23
• B) $155,206.86
• C) $46,188.41
• D) $300,000
• E) $33,328.64

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