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Suppose you take out a 30-year mortgage for a house that costs $395,240. Assume the following: The annual interest rate on the mortgage is 4%.

Suppose you take out a 30-year mortgage for a house that costs $395,240. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 10% at the time of the loan. The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 1.4% of the cost of the house. There is no PMI

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