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11 June, 22:53

Robert took out an 80/20 mortgage to buy a $100,000 house. The first (80%) mortgage has an interest rate of 4.75%, and the second (20%) mortgage has an interest rate of 7.525%. Both mortgages are 30-year fixed-rate mortgages. What is the total mortgage payment for this house?

A. $140.19

B. $557.51

C. $439.87

D. $417.32

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  1. 11 June, 22:57
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    The 80% of the mortgage will gain an interest of

    100000 (0.80) (0.0475) = 380

    The 20% of the mortgage will gain an interest of

    100000 (0.20) (0.07525) = 150

    The total interest is

    530

    The closes answer is

    B. $557.51
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