A homeowner purchases a $500,000 residence by taking out a mortgage at 6 percent for 30 years with a LTV ratio of 80%. The amount
A homeowner purchases a $500,000 residence by taking out a mortgage at 6 percent for 30 years with a LTV ratio of 80%. The amount of interest paid in the second year is closest to which of the following?
(A) $2,356.34
(B) $2,176.44
(C) $23,563.42
(D) $21,764.45
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Authors: Shannon P. Pratt, Roger J. Grabowski, Richard A. Brealey
5th Edition
1118555805, 9781118555804
