Multiple Choice
Amir has obtained a $250,000 mortgage.The mortgage is amortized over 25 years and the term of the mortgage is 25 years.The mortgage interest rate is 9% compounded annually.Amir will begin making annual payments of $25,451.56 at the end of the year.What is the principal outstanding immediately after Amir makes his third payment?
A) $50,903.12
B) $173,645.32
C) $185,574.60
D) $240,324.46
Correct Answer:
Verified
Correct Answer:
Verified
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