You want to purchase a new condominium which costs $329,000. Your plan is to pay 20 percent down in cash and finance the balance over 25 years at 6.25 percent. What will be your monthly mortgage payment?

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The correct answer is A. The monthly mortgage payment can be calculated using the formula:Monthly payment = (Loan amount * Annual interest rate) / (1 - (1 + Annual interest rate)^(-Number of years))In this case, the loan amount is $329,000 * 0.8 = $263,200, the annual interest rate is 6.25%, and the number of years is 25. Plugging these values into the formula, we get:Monthly payment = (263200 * 0.0625) / (1 - (1 + 0.0625)^(-25)) = $1,736.25

You Want to Purchase a New Condominium Which Costs $329,000