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Question
You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments. If the stated (simple) annual interest rate is 14.75 percent, what is the amount of each of the monthly installments?
a. $1,515.00
b. $1,472.38
c. $1,493.41
d. $1,522.85
e. $1,440.92
Answer
This answer is hidden. It contains 166 characters.
Related questions
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Q:
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The simple arithmetic average return for the common stock of Saltwater Expeditions Incorporated for the eight-year period from 2005 through 2012 was 21 percent. The one-year holding period returns from 2005 through 2011 are given below. What is the implied one-year holding period return for 2012?
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