You have just applied, and have been approved for a $250,000 mortgage. The rate quoted to you by the lender is
5.0% for a 30 year fixed mortgage. Use the table provided to determine how much of your first month's payment
goes towards the principal.
Monthly Payments per $1000 of Mortgage
Interest
10 Years 20 Years 30 Years 40 Years
Rate (%)
5.0
10.61
6.60
5.37
4.83
5.5
10.86
6.88
5.68
5.16
6.0
11.11
7.17
6.00
5.51
6.5
11.36
7.46
6.33
5.86
a.
$359.21
C.
$339.21
b. $393.21
d. $300.83
Please select the best answer from the choices provided