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Question#1: The purchase price of a home is $218,000. The down payment is 20%. Interest is at 8.5% fixed for a term of 30 years.

Question#1: The purchase price of a home is $218,000. The down payment is 20%. Interest is at 8.5% fixed for a term of 30 years. Annual taxes are $1,500 and annual insurance is $750.

Find the monthly payment required for the home loan described above.

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