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What is the interest component of roxanne

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Reference no: EM13981411

Roxanne is in the market for a new house, and she has found a house she likes that is selling for $250,000. The down payment on the house is 20% (the amount that the bank should require you to pay in cash) and Roxanne plans to finance the remainder with a fixed rate mortgage. The annual rate is 6% and the mortgage is for 15 years, though payments are monthly. 

1.What is the interest component of Roxanne's first monthly payment? 

a.800 
b.1000
c.900 
d.1100

Reference no: EM13981411

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