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Mr. Smith borrowed $100,000 for his first house. The bank requires monthly payments for next 30 years. Mr. Smith got a loan rate (APR) of

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Mr. Smith borrowed $100,000 for his first house. The bank requires monthly payments for next 30 years. Mr. Smith got a loan rate (APR) of 4.375%, compounded monthly. How much is his monthly payment? a) $484.65 b) $491.94 Oc) $499.29 Od) $6,049.18 e) $277.78

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