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10. The Smiths have decided to purchase a new home. In order to do so, they borrow $175,000 from their local bank The interest mortgage

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10. The Smiths have decided to purchase a new home. In order to do so, they borrow $175,000 from their local bank The interest mortgage rate will 3.5%. They intend to pay off the loan in 30 years. (A) Determine the monthly payment that the Smiths will pay: (B) What will the total amount paid by the Smiths equal: (C) What is the effective rate the Smiths will have paid for their loan

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