Answered: What are the monthly payments…

What are the monthly payments (principal and interest) on a 18-year home mortgage for an $210,000 loan when interest rates are fixed at 6 percent? A.$1,720.17 B.$1,696.83 C. $1,592.14 D. $1,282.07

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Concept explainers

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.

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Help me please and correct only option should match

What are the monthly payments (principal and interest) on a 18-year home mortgage for an
$210,000 loan when interest rates are fixed at 6 percent?
A.$1,720.17
B.$1,696.83
C. $1,592.14
D. $1,282.07

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