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In order to qualify for a bank loan, the bank requires that the monthly payment be no more than 3 5 % of a family's

In order to qualify for a bank loan, the bank requires that the monthly payment be no more than

35 %

of a family's monthly income. The Smith family has a monthy income of $

3000

and would like to borrow $

70, 000

3.5 %

for

15

years. What is the monthly payment for this loan?

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