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A 2 5 - year fixed - rate mortgage has monthly payments of 7 1 7 per month and a mortgage interest rate of 6

A 25-year fixed-rate mortgage has monthly payments of 717 per month and a mortgage interest
rate of 6.14% per year compounded monthly. If a buyer purchases a home with the cash proceeds of
the mortgage loan plus an additional 20% deposit, what is the purchase price of the home? Assume
that the additional deposit amount is 20% of the mortgage loan amount.
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