A house is sold with an assumable $156,000 below-market loan at 8.5% for a remaining term of 15 years. Current rates are 9.75% for 15 year mortgages. If the house sold for $240,000, what is the cash-equivalent value of the house. a) $219,339.60 b) $250,834.82 c) $260,660.40 d) $229,011.7

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