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Given the following information on an interest-only mortgage, calculate the monthly mortgage payment: loan amount: $160,000; term: 15 years; interest rate: 7.25%. a $11,600.00 b

Given the following information on an interest-only mortgage, calculate the monthly mortgage payment: loan amount: $160,000; term: 15 years; interest rate: 7.25%.

a $11,600.00 b $966.67 c $825.00 d $1,460.58 27

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