1. You have an initial amortizing loan (similar to a mortgage) of $250,000, to be repaid in equal 30 payments, over 30 years. The annual interest rate is 8%. What is the amount of each annual Payment equal to?
A. 22,206
B. 23,265
C. 22,441
D. 28,120
2. You have an initial amortizing loan (similar to a mortgage) of $250,000, to be repaid in equal 30 payments, over 30 years. The annual interest rate is 8%. What is the amount of INTEREST you will pay at the end of year 16?
A. 15,724
B. 14,646
C. 14,041
D. 15,206
3. You have an initial amortizing loan (similar to a mortgage) of $250,000, to be repaid in equal 30 payments, over 30 years. The annual interest rate is 8%. What is the amount of principal you will pay at the end of year 20?
A. 11,108
B. 9,524
C. 10,286
D. 8,818