You are considering purchasing a new home. You will need to borrow $250 000 to purchase the home. A bank offers you a 15-year fixed rate mortgage (180 months)at 9% APR (0.75% per month). If you borrow the money from this bank, your monthly mortgage payment will be closest to:
A)$660
B)$2 536
C)$1 390
D)$2 585

Question

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The Answer of You are considering purchasing a new home. You will need to borrow $250 000 to purchase the home. A bank offers you a 15-year fixed rate mortgage (180 months)at 9% APR (0.75% per month). If you borrow the money from this bank, your monthly mortgage payment will be closest to:
A)$660
B)$2 536
C)$1 390
D)$2 585

You Are Considering Purchasing a New Home