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Calculating monthly mortgage payment

You want to buy a house, and a mortgage company will lend you $150,000. The loan would be fully amortized over 15 years (180 months), and the nominal interest rate would be fixed at 7.75 percent, compounded monthly. What would be the monthly mortgage payment?

a. $17,257.84
b. $11,625.02
c. $10,524.43
d. $1,411.91
e. $564.77

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Finance Basics: Calculating monthly mortgage payment

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