Jayne purchased a home for $240,000.00 with a down payment of $48,000.00. The rate of interest was 5-3/4 for 30 years. What was her monthly mortgage payment?
a. $962.70
b. $2,146.85
c. $1,121.28
d. $1,850.46
e. $1000.00
The answer is "c", even though the exact payment is $1,120.46.
