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You are buying a home for $250,000. If you make a $50,000 down payment and take out a mortgage on the rest of the money
You are buying a home for $250,000. If you make a $50,000 down payment and take out a mortgage on the rest of the money at 8.5% compounded monthly, what would be the payment on the principal for the payment at the end of the seventh payment on a 15 year mortgage?
| a. | $1,969 | |
| b. | $1,237 | |
| c. | $576.70 | |
| d. | $580.79 |
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