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Practice 1. A home is purchased with a $375,000 loan, with a 30-year mortgage at a fixed rate of 4.0%. a. Explain why i =

Practice 1. A home is purchased with a $375,000 loan, with a 30-year mortgage at a fixed rate of 4.0%. a. Explain why i = 04/12 and n= 12 * 30 b. How much is the monthly mortgage payment? Show your work

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