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20-02-2024
Mathematics

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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?

(a) $235,462.81
(b) $246,809.73
(c) $262,157.64
(d) $278,504.18
(e) $295,848.36

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