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What must the monthly payment be over thirty year period

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Problem 1: A partially amortizing mortgage is made for $180,000 for a term of 30 years. The borrower and lender agree that a balance of $40,000 will remain and be repaid as a lump sum at that time. If the interest rate is 6.50%, what must the monthly payment be over the 30 year period?

A. $90.10
B. $1,101.56
C. $1,137.72
D. $5,285.36
E. $11,700.00

Reference no: EM132931069

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