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Consider purchasing a home with a selling price equal to $500,000. You make a 20% down payment in cash and take out a 25-year, fixed-rate
Consider purchasing a home with a selling price equal to $500,000. You make a 20% down payment in cash and take out a 25-year, fixed-rate mortgage for the remaining $100.000 at an annual percentage rate of 2%. The remaining loan balance is amortized into yearly payments. How much do you need to pay each year? Round your answer to the nearest whole number
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