A borrower obtains a $76,000 mortgage loan at 11% % interest. If the monthly payments of $785 are credited first on interest

Question

A borrower obtains a $76,000 mortgage loan at 11% % interest. If the monthly payments of $785 are credited first on interest and then on principal, what will the balance
of the principal be after the borrower makes the first payment?
A) $75,543.66
B) $75,943.33
C) $75,215.00
D) $75,305.28

Kunduz · Accepted Answer

Click to see the answer