A house is sold with an assumable $156,000 below-market loan at 8.5% for a remaining term of 15 years. current rates are 9.75% for 15 year mortgages. if the house sold for $240,000, what is the cash-equivalent value of the house.
a. $250,834.82
b. $229,165.18
c. $260,660.40
d. $219,339.60