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Malatak Manufacturing purchased a warehouse for $1,562,500, paid 20 percent down in cash, and financed the balance for 13 years at 9.5 percent, compounded monthly.

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Malatak Manufacturing purchased a warehouse for $1,562,500, paid 20 percent down in cash, and financed the balance for 13 years at 9.5 percent, compounded monthly. What is the amount of each monthly mortgage payment? Multiple Choice $101,566.39 $118,750.08 $171,440.07 $14,286.67 $13,982.15

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