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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 end of each month. What is the beginning balance on this loan in month 2?

A.

Between $390 and $490
B.

Between $490 and $590
C.

Between $590 and $695
D.

Between $695 and $795
E.

Between $795 and $895
F.

Between $895 and $985
G.

Between $985 and $1,085
H.

Between $1,085 and $1,185

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