Question: 10. A borrower takes out a 30 year fixed rate mortgage of $100,000 at a 9% APR. In five years, he wishes to pay off

10. A borrower takes out a 30 year fixed rate mortgage

10. A borrower takes out a 30 year fixed rate mortgage of $100,000 at a 9% APR. In five years, he wishes to pay off the remaining balance. Interest rates have fallen to 7%. How much must he pay? A) $89,775 B) $95,609 C) $95,880 D) $91,638 E) $51,723

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