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Ian has decided to borrow $250,000 to build a new home. The bank charges an interest rate of 8% compounded yearly. If he pays back

Ian has decided to borrow $250,000 to build a new home. The bank charges an interest rate of 8% compounded yearly. If he pays back the loan over 30 years, what will his yearly payments be? Round your answer to the nearest dollar.

Select one:

a. $22,207

b. $28,320

c. $22,070

d. $25,156

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