The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The

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The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each mortgage payment?

a. $7440.01

b. $8978.26

c. 9399.18

d. 9413.67

e. 9,036.25

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e903625 Computation of the Monthly payments Given information Actual cost 1200000 0 FV Borrowings 960000 960000 PV No of years 15 180 nper Interest rate 00775 0006458333 rate PMT 903625 PMTratenperpvf... View full answer

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