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New houses in a neighborhood are selling for $175,000. A down paymentof 20% of the price is required, and a 25-year mortgage at an annualinterest
New houses in a neighborhood are selling for $175,000. A down paymentof 20% of the price is required, and a 25-year mortgage at an annualinterest rate of 8% is available. (1) Find the monthly mortgage payment. (2) if the owner keeps the house for 30 years and does not plan torefinance, how much of the payment is interest during the life time of the
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