Frank purchased his house 16 years ago by taking out a 25-year mortgage for $150,000. The mortgage has a fixed interest rate of 5 percent compounded monthly. If he wants to pay off his mortgage today, how much money does he need? He made his most recent mortgage payment earlier today.
A. $65,459.98
B. $70,856.65
C. $76,136.95
D. $80,425.21
E. $85,024.66
Answer: C
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Indicate whether the statement is true or false
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