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Ms. White has entered the housing market in search of a suitable home. She has saved $10,000 for a down payment and has found a
Ms. White has entered the housing market in search of a suitable home. She has saved $10,000 for a down payment and has found a house that sells for $100,000. She can obtain a mortgage for the difference for 30 years at 12 percent per year. Suppose Ms. White learns she is being transferred. She must now sell her house and pay off the mortgage debt outstanding after 18 months. What is the amount outstanding?
Select one:
a. $90,000
b. $90,503
c. $89,495
d. $84,523
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