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Solve the Problem. -A $98,000 Mortgage for 30 Years at 9% APR Requires

Question 205

Multiple Choice

Solve the problem.
-A $98,000 mortgage for 30 years at 9% APR requires monthly payments of $788.53. Suppose you decided to make monthly payments of $1,100. When would the mortgage be completely paid?


A) 11.07 years
B) 13.53 years
C) 9.84 years
D) 12.30 years

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