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Donaldson's purchased some property for $1.2 million, paid 30 percent down in cash, and financed the balance for 12 years at 7.2 percent, compounded monthly.

Donaldson's purchased some property for $1.2 million, paid 30 percent down in cash, and financed the balance for 12 years at 7.2 percent, compounded monthly. What is the amount of each monthly mortgage payment?

Group of answer choices

$8,978.26

$8,728.21

$9,351.66

None of these is correct

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