Find the monthly payment needed to pay off the principal and interest for the following fixed-rate mortgage. Round your answers to the nearest cent.
Loan Amount$116,000Interest Rate6.6%Term30 years
A. monthly payment - $742.98;
interest - $150,702.40
B. monthly payment - $740.84;
interest - $266,702.40
C. monthly payment - $740.84;
interest - $150,702.40
D. monthly payment - $748.04;
interest - $269,294.40
E. monthly payment - $746.00;
interest - $150,709.91
Answer: C
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