Multiple Choice
You have just taken out a 30-year mortgage on your new home for $120,000.This mortgage is to be repaid in 360 equal monthly installments.If the stated (simple) annual interest rate is 14.75 percent,what is the amount of each of the monthly installments?
A) $1,515.00
B) $1,472.38
C) $1,493.41
D) $1,522.85
E) $1,440.92
Correct Answer:
Verified
Correct Answer:
Verified
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