Multiple Choice
Ms. Colonial has just taken out a $150,000 mortgage at an interest rate of 6 percent per year. If the mortgage calls for equal monthly payments for 20 years, what is the amount of each payment? (Assume monthly compounding or discounting.)
A) $1,254.70
B) $1,625.00
C) $1,263.06
D) $1,074.65
Correct Answer:
Verified
Correct Answer:
Verified
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