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

Question

Quizplus · Accepted Answer

The Answer of 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

Ms Colonial Has Just Taken Out a $150,000 Mortgage at an Interest