What is the monthly mortgage payment for the borrower

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Reference no: EM131584420

Consider a borrower that is approved for a standard 10-year, fully amortizing house mortgage with an original balance of $500,000 and a note rate(annual interest rate) of 4.8%.(Standard refers to a fixed rate mortgage contract with level payments.) What is the monthly mortgage payment for the borrower?

(a) $4,087

(b) $5,254

(d) $7,229

Reference no: EM131584420

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