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  3. 1. juliet has a 10-year mortgage of $500,000 with

1. Juliet has a 10-year mortgage of $500,000 with an interest rate of 3.5% APR, compounded...

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Finance

1. Juliet has a 10-year mortgage of $500,000 with an interestrate of 3.5% APR, compounded quarterly. Mortgage payments are madeat the beginning of each month. What is the balance remaining onthis mortgage after the 60th payment?

Select one:

a. $216,077

b. $270,937

c. $275,065

d. $266,797

e. $250,000

Answer & Explanation Solved by verified expert
3.7 Ratings (466 Votes)
Answer Correct answer is b 270937 Explanation APR 35 compounded quarterly Effective annual rate 1 35 4 4 1 3546206 Monthly interest rate 1 3546206 112 1    See Answer
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Transcribed Image Text

1. Juliet has a 10-year mortgage of $500,000 with an interestrate of 3.5% APR, compounded quarterly. Mortgage payments are madeat the beginning of each month. What is the balance remaining onthis mortgage after the 60th payment?Select one:a. $216,077b. $270,937c. $275,065d. $266,797e. $250,000

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