Assume an elderly person owns a $$350,000$ home that is free and clear of mortgage debt. A lender has agreed to a $$350,000$ reverse mortgage with monthly payments. The loan term is $15$ years. The annual interest rate is $6\%.$

Question $36$

How much of the loan balance at the end of $60$th month represents the interest

portion?

$$1,338\mathrm{.}24$

$$93,241\mathrm{.}78$

$$11,758\mathrm{.}22$

None of the above