Question: 11. A borrower took out a 30 year fixed rate mortgage of $150,000 at a 7.0% annual interest rate. After five years ( 60 payments),

11. A borrower took out a 30 year fixed rate mortgage

11. A borrower took out a 30 year fixed rate mortgage of $150,000 at a 7.0% annual interest rate. After five years ( 60 payments), he wishes to pay off the remaining balance. How much must he pay to retire the mortgage (to the nearest dollar)? A) $134,964 B) $140,868 C) $72,766 D) $123,591 E) $141,197

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