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16. Jane Smith has asked for a 30 year mortgage (repayable in monthly installments) to...

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Finance

16. Jane Smith has asked for a 30 year mortgage (repayable in monthly installments) to purchase a home in Oklahoma City, Oklahoma. The purchase price of the home is $150,000 of which $125,000 must be borrowed. If the APR on this loan is 8 percent, how much will Jane's total financing charges be?

A. $246,233

B. $205,194

C. $180,194

D. $165,097

E. None of the options is correct

THE ANSWER IS (B) PLEASE SHOW WORK

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