Roxanne is in the market for a new house, and she has found a house she likes
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Roxanne is in the market for a new house, and she has found a house she likes that is selling for $250,000. The down payment on the house is 20% (the amount that the bank should require you to pay in cash) and Roxanne plans to finance the remainder with a fixed rate mortgage. The annual rate is 6% and the mortgage is for 15 years, though payments are monthly. What is the interest component of Roxanne's first monthly payment?
a. 800
b. 1000
c. 900
d. 1100
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Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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