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Section B (2 Mark)
How much principal is repaid in the 77th payment interval on a RS 147 000 25-year mortgage if the mortgage is amortized over 20 years and the payments are monthly with rate of interest being 7.2% compounded monthly?
A. Rs. 276.98
B. Rs. 278.65
C. Rs. 552.32
D. Rs. 275.33
Answer: A

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