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3. You purchase a home with a mortgage of $550,000. Your mortgage rate is 6.2% annually, compounded monthly, and will last for 25 years. What

3. You purchase a home with a mortgage of $550,000. Your mortgage rate is 6.2% annually, compounded monthly, and will last for 25 years.

What is your monthly payment?

$3,611.20

$940.32

$34,100.00

$1,753.83

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