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22-02-2024
Business

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You have a 25-year $800,000 mortgage with a 4.5% rate of interest (compounded monthly) that you make monthly payments on. What is the balance of the loan at the end of year 22? Multiple Choice
a. $149,483
b. $145,483
c. $153,483
d. $141.483
e. $156.483

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