Question
On June 1, you borrowed $395,000 to buy a house. The mortgage rate is 4.50 percent. The loan is to be repaid in equal monthly
On June 1, you borrowed $395,000 to buy a house. The mortgage rate is 4.50 percent. The loan is to be repaid in equal monthly payments over 15 years. All taxes and insurance premiums are to be paid separately. a The first payment is due on July 1. How much of the fifth payment goes toward interest?
A. 1,467
B. 1,481
C. 2,219
D. 1,458
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Investments
Authors: Zvi Bodie, Alex Kane, Alan Marcus, Lorne Switzer, Maureen Stapleton, Dana Boyko, Christine Panasian
9th Canadian Edition
1259271935, 9781259271939
