Mortgages have an APR (annual percentage rate - a stated rate) of 6.24%. Payments and compounding are monthly. You wish to borrow 680,000 (excluding fees) to buy a house in Temecula, and wish to take out a 20 year mortgage. The periodic monthly rate, expressed as a decimal is: OA..00043 B..00520 OC..01560 O D..03120

Mortgages have an APR (annual percentage rate - a stated rate) of 6.24%. Payments and compounding are monthly. You wish to borrow 680,000 (excluding fees) to buy a house in Temecula, and wish to take out a 20 year mortgage. The periodic monthly rate, expressed as a decimal is: A. .00043 B. .00520 C. 01560 D. .03120 Your monthly payment is: A. $2,848.04 B. $2,851.12 C. $4,548.02 D. $4,966.35 E. $10,872.79 F. $21,229.32 The interest portion of the first payment will be: A. $2,924.00 B. $3,536.00 C. $3,911.24 D. $4,125.53 E. $4,682.32 F. $4,732.48 The principal portion of the first payment will be: A. $233.87 B. $284.03 C. $840.82 D. $1,055.11 E. $1,430.35