Question 4 (1 point)
You are looking to purchase a home. You have agreed to a price of $393,750 and are
now discussing loan terms with a lender. The mortgage amount is $320,000. If the
mortgage constant is 6.442% and assuming amortization is over 30 years, how much
is your monthly debt service?
a) $1,717.87
b) $24,125.13
c) $20,614.40
d) $2,010.43
e) $1,551.60