Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal rate of 6% with monthly payments. If the borrower pays an additional $120 with each monthly payment, what will be the amount of the last monthly payment?   A. $839.46   B. $357.77   C. $843.66   D. $419.85   E. $355.99   F. $420.90   G. $418.81   H. $841.55

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal rate of 6% with monthly payments. If the borrower pays an additional $120 with each monthly payment, what will be the amount of the last monthly payment?

  A.

$839.46

  B.

$357.77

  C.

$843.66

  D.

$419.85

  E.

$355.99

  F.

$420.90

  G.

$418.81

  H.

$841.55

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