Question: A bank makes a 30-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 4% compounded monthly, with monthly payments. What is the

A bank makes a 30-year Fully Amortizing FRM for $1,000,000 at

A bank makes a 30-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 4% compounded monthly, with monthly payments. What is the market value of this loan after 7 years of payments if the annual interest rate for this loan is 10% compounded monthly? Pick the closest number O 288,000 O 544,000 O 515,000 O 861,000 O 1,000,000

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