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A $90,000 reverse mortgage is for 10 years at 8% interest rate where payments are...

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Finance

A $90,000 reverse mortgage is for 10 years at 8% interest rate where payments are made monthly at the beginning of each month. What is the beginning balance on this loan in month 120?

A.

Between $87,200 and $87,600
B.

Between $87,600 and $88,000
C.

Between $88,000 and $88,400
D.

Between $88,400 and $88,800
E.

Between $88,800 and $89,200
F.

Between $89,200 and $89,600
G.

Between $89,600 and $90,000

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