Loan is to be repaid in equal monthly payments

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Reference no: EM131188143

On December 1, you borrow $201,000 to buy a house. The mortgage rate is 8.25 percent. The loan is to be repaid in equal monthly payments over 20 years. The first payment is due on January 1 Which one of the following statements is true assuming that you repay the loan as agreed? A The total amount paid is about $429.442 B. The monthly payment is $2,037.30 C. The total monthly interest rate is .$278,952 D The first payment reduces the principle balance by $1,443.75 E The monthly interest rate is . 75

Reference no: EM131188143

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