Susan Hernandez Purchased a Home for $200,000 and Made a Down

Multiple Choice

Susan Hernandez purchased a home for $200,000 and made a down payment of $20,000. The balance was financed for 20 years at an annual interest rate of 4%. Find the monthly mortgage payment.

A) $545.38
B) $763.53
C) $1090.76
D) $1636.15
E) $2181.53