Assume you just bought a new home and now have a mortgage on the home. The amount of the principal is $200,000, the loan is at 4.75% APR, and the monthly payments are spread out over 25 years. What is the loan payment?
Use a calculator to determine your answer.
A) $1,225.36
B) $1,206.58
C) $1,157.63
D) $1,140.23
Answer: D
Explanation: D) With Mode of P/Y = 12 and C/Y = 12, N = 300, I/Y = 4.75, PV = $200,000, and FV = 0, we get $1,140.23 as the monthly payment.
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