Multiple Choice
Suppose you have taken out a $400,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.75%. In month 1 of the mortgage, how much of the monthly mortgage payment does the interest portion consist of?
A) $9.09
B) $1,250.00
C) $1658.89
D) $2,908.89
Correct Answer:
Verified
Correct Answer:
Verified
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