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10. A $300,000 mortgage loan is arranged at an APR of 12% compounded quarterly, and calls for equal quarterly payments over the next 20 years.
10. A $300,000 mortgage loan is arranged at an APR of 12% compounded quarterly, and calls for equal quarterly payments over the next 20 years. Given these parameters the quarterly payment for the mortgage is $9,933.52. After 2 years (immediately after you made the eighth quarterly payment) you decide to pay off what is left of the loan to the bank. How much is your payment? a. $220,531.81 b. $247,892.37 c. $283,458.14 d. $291,698.68
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