Question
A homeowner just obtained a 30-year amortized mortgage loan for $150,000 at a nominal annual rate of 6.5%, with 360 end-of-month payments. What percentage of
| A homeowner just obtained a 30-year amortized mortgage loan for $150,000 at a nominal annual rate of 6.5%, with 360 end-of-month payments. What percentage of the total payments made during the first 3 months will go toward payment of interest? (5 points) | |||
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| a. | 81.34% | ||
| b. | 85.62% | ||
| c. | 89.90% | ||
| d. | 94.40% | ||
| e. | 99.12% | ||
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Auditing The Procurement Function The Iia Research Foundation Handbook Series
Authors: David O Regan, CIA, FCA
1st Edition
0894136224, 978-0894136221
