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Ranjit has applied for a mortgage loan to buy a $ 501000 house. The bank...

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Ranjit has applied for a mortgage loan to buy a $ 501000 house. The bank will require a 20% down payment and it will give Ranjit a 25-year loan payable in monthly instalments. The nominal interest rate is set at 10.4 % convertible quarterly. How much would Ranji receive from the bank? a. $ 425850 O b. $ 375750 O c. $ 350700 d. $ 400800 e. $ 475950

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