Question: You recently took out a 3 0 - year ( 3 6 0 months ) , $ 1 4 5 , 0 0 0 mortgage.

You recently took out a 30-year (360 months), $145,000 mortgage. The mortgage payments are made at the end of each month and the nominal interest rate on the mortgage is 7 percent. After five years (60 payments), what will be the remaining balance on the mortgage? a. $ 87,119 b. $136,172 c. $136,491 d. $136,820 e. $143,527

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