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Patty purchases a $ 2 4 0 , 0 0 0 house. She pays $ 4 0 , 0 0 0 down and takes out

Patty purchases a

240, 000

house. She pays

40, 000

down and takes out a

25

year mortgage with monthly

payments, at an interest rate of

12 %

interest compounded monthly. How much money will Patty have to pay each

month?

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