Saturday 27 October 2012

Jennifer has a 20-year mortgage loan. She borrowed $275,000 and this amortized loan has monthly payments. The annual interest rate is 5.4%. How much of her first month’s payment goes toward interest? Answer a. $742.50 b. $638.69 c. $1,876.19 d. $1,237.50

Jennifer has a 20-year mortgage loan. She borrowed $275,000 and this amortized loan has monthly payments. The annual interest rate is 5.4%. How much of her first month’s payment goes toward interest?
Answer
a. $742.50
b. $638.69
c. $1,876.19
d. $1,237.50



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2 comments:

  1. Owning a home is the wish of many people and since there are many ways to own one, you can decide to get one on a loan instead of waiting to save enough before you can buy it.

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