A) Consider a loan of $225,000 at nominal interest rate of 6.25% for 15 years. H

Question

A) Consider a loan of $225,000 at nominal interest rate of 6.25% for 15 years. How much of the payment during the first year goes towards interest? Assume monthly payments.

$13,798; $19,929; $13,987; or $13,509

B) Consider a loan of $220,000 at nominal interest rate of 4.65% for 10 years. How much of the payment during the first year goes towards principal? Assume monthly payments.

$13,509; $18,929; $19,837; or $17,696

c) Consider a loan of $225,000 at nominal interest rate of 6.25% for 15 years. How much of the payment during the first year goes towards principal? Assume monthly payments.

$19,929; $13,987; $13,509; or $9352

D) Consider a 10 year fixed rate mortgage for $175,000 at nominal interest rate of 8%. If the borrower wants to pay off the remaining balance on the mortgage after making the 13th payment, what is the remaining balance on the loan? Assume monthly payments.

$172,254; $173,914; $170,325; or $162,055

Thank you so much.

Explanation / Answer

A $13,987

b $18,929

c $13,509

d $173,914

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.