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Ranjit has applied for a mortgage loan to buy a $ 479000 house. The bank will require a 20% down payment and it will give

Ranjit has applied for a mortgage loan to buy a $ 479000 house. The bank will require a 20% down payment and it will give Ranjit a 25-year loan payable in monthly installments. The nominal interest rate is set at 4 % convertible quarterly. How much would Ranji receive from the bank?

a. $ 383200

b. $ 455050

c. $ 359250

d. $ 335300

e. $ 407150

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