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6. You need a 20-year, xed-rate mortgage to buy a new home for $500,000. Your mortgage bank will lend you the money at a 4.5

6. You need a 20-year, xed-rate mortgage to buy a new home for $500,000. Your mortgage bank will lend you the money at a 4.5 percent APR for this 240-month loan, with interest compounded monthly. What is the monthly payment if the bank nance you the 100% of the purchase price.

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