You just borrowed
$200,000 to buy a
house amortized over
a period of 25
years. You
signed a 5-year
mortgage deal with
your bank at a
rate of 0.75%
effective monthly rate.
Your monthly payment
comes out to
$1,678.39. How much
of your 20th payment
will
go towards payment
of interest?
a) $1,427.25
b) $1,470.28
c) $1,471.25
d) $1,472.79
e) $1,473.67
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