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3. You have just purchased a new house. To finance the purchase, you've arranged for a 30year mortgage loan for 75 percent of the $400,000

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3. You have just purchased a new house. To finance the purchase, you've arranged for a 30year mortgage loan for 75 percent of the $400,000 purchase price. The monthly payment on this loan will be $1,500. What is the APR on this loan? EAR? 4. You want to buy a new sports car from Muscle Motors for $128,000. The contract is in the form of a 60-month annuity due at a 4.25 percent APR. What will your monthly payment be

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