Multiple Choice
A home mortgage loan for $80,000 is available from the neighboring bank at an interest rate of one percent per month. The loan will mature in 25 years. Approximately what payment must the borrower make each month under the terms of this loan agreement?
A) $692
B) $729
C) $843
D) $950
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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