Jennifer has a 20-year mortgage loan. She borrowed $275,000 and this - 14581

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yousafbhutta

yousafbhutta

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  • Posted on: Sat 27 Oct, 2012
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Request Description

 

Jennifer has a 20-year mortgage loan. She borrowed $275,000 and this amortized loan has monthly payments. The annual interest rate is 5.4%. How much of her first month’s payment goes toward interest?
Answer
a. $742.50
b. $638.69
c. $1,876.19
d. $1,237.50

Solution Description

 

Jennifer has a 20-year mortgage loan. She bo