Question

If you have a $100,000 fully amortizing fixed-rate mortgage (FRM) with a 5% interest rate for 30 years, your accrual and pay rate are for the first month are _______ and _________, respectively

A. $417 and $537

B. $537 and $537

C. $417 and $417

D. $537 and $417

Answer 1

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