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The McDonald Group purchased a piece of property for $1 million. It paid a down payment of 25% in cash and financed the balance. The
The McDonald Group purchased a piece of property for $1 million. It paid a down payment of 25% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7% compounded monthly. What is the amount of each mortgage payment? (choose the closest answer)
a. 9036.25
b. 6741.21
c. 9399.18
d. 7530.21
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