A mortgage has an initial balance of $150,000 and is charged 5% yearly interest applied monthly. If a person makes a payment of $1000 each month, which of the following is closest to the mortgage balance after 3 months of payments?
(1) $145,165
(2)$147,520
(3)$148,160
(4)$148,870

Question

05-04-2022
Mathematics

Answered

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A mortgage has an initial balance of $150,000 and is charged 5% yearly interest applied monthly. If a person makes a payment of $1000 each month, which of the following is closest to the mortgage balance after 3 months of payments?
(1) $145,165
(2)$147,520
(3)$148,160
(4)$148,870

Sagot :

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