Question $44$

If a home buyer borrows a GPM $($graduate payment mortgage$)$ of $$150,000$ with

annual payments and $10-$year term from a lender to purchase a house. The

interest rate is $10\%.$ The payment rises by $10\%$ for every year. What is the first

year's payment?

$$15,500$

$$16,500$

$$17,500$

None of the above