Calculate the monthly mortgage payment made in the beginning of each month on a $100,000 mortgage.The mortgage is for 15 years and the interest rate is 6.375.
A)$867.14
B)$10,806.73
C)$864.25
D)$859.68

Question

Quizplus · Accepted Answer

The monthly mortgage payment can be calculated using the formula for an annuity due, as payments are made at the beginning of each period. The correct calculation results in a payment of $864.25.

Calculate the Monthly Mortgage Payment Made in the Beginning of Each