Lizzy Clar bought a home for $160,000, putting down $30,000. The rate of interest is 7% for 25 years. The total yearly mortgage payment is:
A) $11,155.37
B) $11,920.20
C) $919.10
D) $18,782.40
E) None of these

Question

Quizplus · Accepted Answer

The mortgage amount is $130,000 ($160,000 - $30,000). Using the formula for monthly mortgage payments, the annual payment is approximately $11,155.37.

Lizzy Clar Bought a Home for $160,000, Putting Down $30,000