Craig Hammer purchased a new condominium for $225,000. The bank required a $30,000 down payment. Assuming a rate of 8% on a 25-year mortgage, Craig's monthly payment is (use the table in the handbook):

A. $1,505.04
B. $1,413.30
C. $1,505.40
D. $1,431.30
E. None of these


Answer: C

Business

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