Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You take out a mortgage for 3 0 years with initial value $ 9 0 , 0 0 0 , and annual interest rate 8

You take out a mortgage for 30 years with initial value $90,000, and annual interest rate
8%. How much of your 201 st payment goes towards interest?
a) $172.17
b) $185.79
c) $228.08
d) $240.28
e) $432.31
f) $447.53
g) $454.00
h) $556.83
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managing The Audit Function A Corporate Audit Department Procedures Guide

Authors: Michael P. Cangemi

2nd Edition

0471012556, 978-0471012559

More Books

Students also viewed these Finance questions