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You plan to purchase a $175,000 house using a 15-year mortgage obtained from your local...

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Accounting

You plan to purchase a $175,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 7.75 percent. You will make a down payment of 20 percent of the purchase price. Calculate the amount of principal paid in the 160th payment.

Group of answer choices

$1,151.15

$1,012.09

$1,317.79

$305.70

Answer & Explanation Solved by verified expert
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