Ms.Colonial has just taken out a $150,000 mortgage at an interest rate of 6% 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

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The Answer of Ms.Colonial has just taken out a $150,000 mortgage at an interest rate of 6% 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

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