Question

The dollar amount of mortgage loan multiplied monthly payment of mortgage loan per dollar is used to calculate
A) Semiannually mortgage payment
B) Daily mortgage payment
C) Monthly mortgage payment
D) Annually mortgage payment

Answer 1

Hint:
We know that Monthly mortgage payment is the dollar amount of mortgage loan multiplied monthly payment of mortgage loan per dollar is used to calculate monthly mortgage payment. Hence, the answer should be monthly mortgage payment.

Complete step by step solution:
According to the question,
The dollar amount of mortgage loan multiplied per six months payment of mortgage loan per dollar is used to calculate Semi Annually mortgage payment.
The dollar amount of mortgage loan multiplied daily payment of mortgage loan per dollar is used to calculate Daily mortgage payment.
The dollar amount of mortgage loan multiplied monthly payment of mortgage loan per dollar is used to calculate monthly mortgage payment.
The dollar amount of mortgage loan multiplied yearly payment of mortgage loan per dollar is used to calculate Annual mortgage payment.

Hence, our final answer is C.

Note:
If a question has too much theory text written on it, do carefully read each and every word of the question because many times the answer is hidden in the question itself. For example in the above question, Monthly was the keyword to the answer we got.