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Jones purchased a house for $90,000 with a 20% down payment and a 10-year mortgage for the balance, with level payments due at the end
Jones purchased a house for $90,000 with a 20% down payment and a 10-year mortgage for the balance, with level payments due at the end of the month. The nominal annual interest rate is 8% compounded quarterly. In which of the following ranges is the amount of each level monthly mortgage payment? Possible Answers A
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