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An investor obtained a mortgage loan of $800,000 to purchase a property at an annual interest rate of 4.5% compounded monthly and fully amortising over

An investor obtained a mortgage loan of $800,000 to purchase a property at an annual interest rate of 4.5% compounded monthly and fully amortising over 25 years.

What would be the loan balance at the end of 5 years?

a. $792,712.25 b. $701,794.08 c. none of the alternatives d. $702,863.23

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