On June 1, 2012, Bellamy Corporation borrowed $400,000 on a 15-year mortgage to purchase land and a building. The land and building are pledged as collateral on the mortgage, which has an interest rate of 12 percent compounded monthly. The payments of $4,800 are made at the end of each month, beginning on June 30, 2012. (Round amounts to the nearest dollar.)

Question

On June 1, 2012, Bellamy Corporation borrowed $400,000 on a 15-year mortgage to purchase land and a building. The land and building are pledged as collateral on the mortgage, which has an interest rate of 12 percent compounded monthly. The payments of $4,800 are made at the end of each month, beginning on June 30, 2012. (Round amounts to the nearest dollar.)
On June 1, 2012, Bellamy Corporation borrowed $400,000 on a 15-year mortgage to purchase land and a building. The land and building are pledged as collateral on the mortgage, which has an interest rate of 12 percent compounded monthly. The payments of $4,800 are made at the end of each month, beginning on June 30, 2012. (Round amounts to the nearest dollar.)

Quizplus · Accepted Answer

The Answer of On June 1, 2012, Bellamy Corporation borrowed $400,000 on a 15-year mortgage to purchase land and a building. The land and building are pledged as collateral on the mortgage, which has an interest rate of 12 percent compounded monthly. The payments of $4,800 are made at the end of each month, beginning on June 30, 2012. (Round amounts to the nearest dollar.)

On June 1, 2012, Bellamy Corporation Borrowed $400,000 on a 15-Year