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George needs to borrow money to purchase an apartment. The total price of the apartment is 930000 dollars. George applies for a 30-year home loan
George needs to borrow money to purchase an apartment. The total price of the apartment is 930000 dollars. George applies for a 30-year home loan from National Bank. The home loan interest rate offered by the bank is 5.2 percent per annum (annual percentage rate with monthly compounding). What would be his first monthly payment if the first payment begins now? a. 5106.73 b. 5084.70 c. 5134.75 d. 5157.00
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