What is the monthly payment size of a 21-year mortgage for $169 600 and an interest rate of 7.2% compounded semi-annually? Question 8 options: A) $1211.96 B) $1926.11 C) $1222.96 D) $1296.11 E) $1169.11

What is the monthly payment size of a 21-year mortgage for $169 600 and an interest rate of 7.2% compounded semi-annually? Question 8 options: A) $1211.96 B) $1926.11 C) $1222.96 D) $1296.11 E) $1169.11

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.

Question

What is the monthly payment size of a 21-year mortgage for $169 600 and an interest rate of 7.2% compounded semi-annually?

Question 8 options:

$1211.96

$1926.11

$1222.96

$1296.11

$1169.11

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