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    Calculating monthly mortgage payment

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    You want to buy a house, and a mortgage company will lend you $150,000. The loan would be fully amortized over 15 years (180 months), and the nominal interest rate would be fixed at 7.75 percent, compounded monthly. What would be the monthly mortgage payment?

    a. $17,257.84
    b. $11,625.02
    c. $10,524.43
    d. $1,411.91
    e. $564.77

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    https://brainmass.com/business/finance/calculating-monthly-mortgage-payment-411599

    Solution Preview

    Present value of loan=$150,000
    Number of periods=n=15*12=180 ...

    Solution Summary

    This solution provides a detailed, step-by-step explanation of the given finance problem.

    $2.19

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