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Assume you borrow $100,000 from a bank to buy a house at 7% interest for 30 years with monthly payments. How much do you need to pay every month? And how much interest will you pay to the bank during year 4 only?

A. monthly payments = approx. $665 ;

interest payment in year4 = $6,731

B. monthly payments = approx. $299 ;

interest payment in year4 = $6,731

C. monthly payments = approx. $1265 ;

interest payment in year4 = $6,731

D. monthly payments = approx. $765 ;

interest payment in year4 = $6,974

E. monthly payments = approx. $665 ;

interest payment in year4 = $6,974

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M91608235

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