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You are buying a home for $250,000. If you make a $50,000 down payment and take out a mortgage on the rest of the money

You are buying a home for $250,000. If you make a $50,000 down payment and take out a mortgage on the rest of the money at 8.5% compounded monthly, what would be the payment on the principal for the payment at the end of the seventh payment on a 15 year mortgage?

a.

$1,969
b.

$1,237
c.

$576.70
d.

$580.79

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