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Mr. Smith made a mortgage 5 years ago for $85,000 at 8.25% for 15 years. Rates have now risen to 10%. What is the market

Mr. Smith made a mortgage 5 years ago for $85,000 at 8.25% for 15 years. Rates have now risen to 10%. What is the market value of the mortgage now? Use financial calculator.

a. 73,400

b. 69,320

c. 62,400

d. 61,544

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