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A mortgage of $100,000 is amortized over 25 years using level payments at the end of each quarter and the first interest payment at the

A mortgage of $100,000 is amortized over 25 years using level payments at the end of each quarter and the first interest payment at the end of the first quarter is $2411.37. Calculate the 62nd principal payment amount.

a. 1074.21

b. 1048.92

c. 1100.11

d. 1024.22

e. None of these answers

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