Problemyou just acquired a mortgage in the amount of 249500, Ask an Expert

Finance

Problem:

You just acquired a mortgage in the amount of $249,500 at 5.8 percent interest, compounded monthly. Equal payments are to be made at the end of each month for thirty years.

Required:

Question: How much of the first loan payment is interest? (Assume each month is equal to 1/12 of a year.)

$925.20
$1,205.83
$1,403.44
$1,511.21
$1,969.15

Note: Please show the work not just the answer.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91162378

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