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Mike and Betty are purchasing a home. They wish to save money for 1 1 years and purchase a house that has a value of

Mike and Betty are purchasing a home. They wish to save money for

11

years and purchase a house that has a value of $

275, 000

with cash. They deposit money into an account paying

11.5 %

interest. How much do they need to deposit each month in order to make the purchase?

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