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Jonnie wants to borrow $290,000 to buy a house. His bank is offering a 30-year loan that requires monthly payments with an interest rate of

Jonnie wants to borrow $290,000 to buy a house. His bank is offering a 30-year loan that requires monthly payments with an interest rate of 8.0% compounded monthly. What would Jonnies monthly payment be on this loan?

Multiple Choice

$23,200

$2,227.92

$25,759.96

$2,128.73

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