7%, Monthly Payment: $1,200 A. $17,143 B. $79.509 D. $180,369 Ans: C Difficulty;

Question

7%, Monthly Payment: $1,200 A. $17,143 B. $79.509 D. $180,369 Ans: C Difficulty; Intermediate Learning Objective: 1 QUESTION i8. Given the following information on an interest-only mortgage, calculate the monthly mortgage payment Loan armount: $56,000, Term:1 5 years, Interest Rate: 7.5%. A. $169.13 5350. C. $519.13 D. $4,200 Ans: B Difficulty: Basic Learning Objective: 1 15-5 0 2013 by McGraw-/lill Education Thisbe po prie scann This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part

Explanation / Answer

Details Assuming 360 days Year Interest rate =7.5% Loan Amount =$56,000 As the mortgage is interest only, Monthly interest @7.5% =56000*7.5%*1/12 = $             350.00 So Monthly interest is $350 So correct option is B.

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