Wednesday, December 3, 2014

The Beachside Suites borrows $400,000 to purchase an adjoining property to increase the size of the resort?

The Beachside Suites borrows $400,000 to purchase an adjoining property to increase the size of the resort. The interest rate on the 30-year mortgage is 7% and the monthly payment is $2,661. What is the interest portion for the second month's payment?

327.67
329.58
2331.42
2333.33

Read more: The Beachside Suites borrows $400,000 to purchase an adjoining property to increase the size of the resort?