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Given the following information on an interest-only mortgage, calculate the monthly mortgage payment: loan amount: $56,000; term: 15 years; interest rate: 7.5%. Multiple Choice $169.13

Given the following information on an interest-only mortgage, calculate the monthly mortgage payment: loan amount: $56,000; term: 15 years; interest rate: 7.5%.

Multiple Choice

$169.13
$519.13
$350
$4,200

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