Multiple Choice
Frank purchased his house 16 years ago by taking out a 25-year mortgage for $150,000. The mortgage has a fixed interest rate of 5 percent compounded monthly. If he wants to pay off his mortgage today, how much money does he need? He made his most recent mortgage payment earlier today.
A) $65,459.98
B) $70,856.65
C) $76,132.52
D) $80,425.21
E) $85,024.66
Correct Answer:
Verified
Correct Answer:
Verified
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