Donaldson's purchased some property for $1.2 million,paid 25 percent down in cash,and financed the balance for 12 years at 7.2 percent,compounded monthly.What is the amount of each monthly mortgage payment?
A) $8,440.01
B) $8,978.26
C) $9,351.66
D) $9,399.18
E) $9,513.67
Correct Answer:
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