Question: Question 13 Consider a 30 year fixed rate mortgage for $175,000 at nominal interest rate of 8%. If the borrower wants to pay off the

Question 13

Consider a 30 year fixed rate mortgage for $175,000 at nominal interest rate of 8%. If the borrower wants to pay off the remaining balance on the mortgage after making the 9th payment, what is the remaining balance on the loan? Assume monthly payments.

$157,624

$173,914

$172,254

$126,111

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