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Merchant Bank is offering a 30-year mortgage with an Effective Annual Rate (EAR) of 5.125%. You have $20,000 cash today as a down payment. In

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Merchant Bank is offering a 30-year mortgage with an Effective Annual Rate (EAR) of 5.125%. You have $20,000 cash today as a down payment. In order to purchase the new house, you will need to borrow $180,000. Which of the following is closest to your monthly payment? $980.07 $967.20 $1,088.97 $956.60 $1,074,67

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