Multiple Choice
Ms. Colonial has just taken out a $150,000 mortgage at an interest rate of 6% per year. If the mortgage calls for equal monthly payments for twenty years, what is the amount of each payment? (Assume monthly compounding or discounting.)
A) $1254.70
B) $1625.00
C) $1263.06
D) None of the above are true
Correct Answer:
Verified
Correct Answer:
Verified
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