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. (Round your intermediate calculation and your answer to two decimal places.)
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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