You take out a 30 year mortgage for $500,000 at 5%. You plan to pay off the mortgage in full after making your 60th monthly mortgage payment. What is the amount of principal left on the mortgage after the 60th monthly payment?

answer: a.

step-by-step explanation: the answer is a. because, you need to converge the fractions to find a solution.

where is the option given

yes, gavin is right.

step-by-step explanation:

gavin is correct. 

this problem is about converting 9% per year to how many percent per quarter. the rate is still the same. it only differed in the time period. so, through dimensional analysis,

9% per year  × (1 year / 4 quarters) = 2.25% per quarter

if he was asked to convert 9% per year to how many percent per quarter  compounded quarterly, then you will not simply divide by four. this is because compounding is not linear.

hope this , have a good day. c;

66% of the price that was mark on the bottom