Find amount of each of monthly installments

Reference no: EM1354988

You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments., If the stated (nominal) annual interest rate is 14.75 percent, what is the amount of each of the monthly installments?

a. $1,515.00
b. $1,472.38
c. $1,493.37
d. $1,522.85
e. $1,440.92

Reference no: EM1354988

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