Assume you just bought a new home and now have a mortgage on the home. The amount of the principal is $150,000, the loan is at 5% APR, and the monthly payments are spread out over 30 years
What is the loan payment? Use a calculator to determine your answer.
A) $798.95
B) $805.23
C) $850.32
D) $903.47
Answer: B
Explanation: B) With Mode of P/Y = 12 and C/Y = 12, N = 360, I/Y = 5, PV = $150,000, and FV = 0, we get $805.23 as the monthly payment.
Business
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