Question: 11) For a reverse mortgage with 15-year term; loan amount $500,000; Interest rate 8%; Origination cost $10,000. If the senior passes away at the end

11)

For a reverse mortgage with 15-year term; loan amount $500,000; Interest rate 8%; Origination cost $10,000. If the senior passes away at the end of 8 years, what is the outstanding loan balance to be paid?

Select one:

a. $370,467.61

b. $15,369.18

c. $11,832.79

d. $193,430.73

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