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Use the following information to answer questions 7 and 8 : Becky is purchasing her first home and has been offered a 1 5 -

Use the following information to answer questions 7 and 8:
Becky is purchasing her first home and has been offered a 15-year mortgage with
a rate of 3.25%. After her down payment, she will end up borrowing $190,000.
7. What will Beckys monthly payment be?
A. $1,058.54
B. $1,135.07
C. $1,381.72
D. $6,194.58
E. None of the above
8. How much of Beckys first monthly payment will be applied to interest?
A. $514.58
B. $593.75
C. $4,175.00
D. $6,175.00
E. None of the above

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