You Wish to Purchase Real Property

Multiple Choice

You wish to purchase real property.The lender will give you a $145,000 fixed?-rate,thirty?year mortgage at 7.50%,three discount points,monthly payments.Suppose that,before you make any payments,you receive a pay raise so you pay an extra $100 per month with your normal payment.How many payments are required to fully amortize the loan assuming the extra $100 is paid each month?

A) 360
B) 269.63
C) 209.63
D) 130.18
E) none of the above