Solve the problem.The Hogans borrow $77,000 to purchase a new home. They finance the amount through a 15-yr mortgage at an annual interest rate of 8.5%, compounded monthly. Complete the first line of an amortization schedule for the situation, using the given table.
A. (a) $545.42
(b) $240.67
(c) $76,759.33
B. (a) $532.48
(b) $225.77
(c) $76,774.23
C. (a) $545.42
(b) $212.83
(c) $76,454.58
D. (a) $545.42
(b) $212.83
(c) $76,787.17
Answer: D
Mathematics
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