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Monthly Payments to Pay off Debt (please show work) 8. Pistol Pete and his wife Polly have a $100,000 balance on their mortgage. Their interest

Monthly Payments to Pay off Debt (please show work)

8. Pistol Pete and his wife Polly have a $100,000 balance on their mortgage. Their interest rate is 4.0%. How much will they have to pay each month in order to have their mortgage paid off in 10 years?

a. $1,000.00

b. $1,100.23

c. $1,012.53

d. $10,184.23

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