Question: Please help solve this question Question 3 (Mandatory) (14 points) MORTGAGE: You have decided to buy a vacation home in Florida for $250,000. You finance

Please help solve this question

Question 3 (Mandatory) (14 points) MORTGAGE: You have decided to buy a vacation home in Florida for $250,000. You finance 80% of the cost of the home with a mortgage loan. The interest rate on the loan is 8.75% (APR) per year for a 30 -year period. Assume all loan payments are made at the end of the month. How much of your principal have you repaid after 1 month? ( 14 points) a. $1573.40 b. $1458.33 C. $115.07 d. $555.56 Question 4 (Mandatory) (8 points)

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