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Suppose you want to borrow $800,000 to buy a house in Connecticut. The bank quotes you a rate of 3.85% for a 30-year term. Answer

Suppose you want to borrow $800,000 to buy a house in Connecticut. The bank quotes you a rate of 3.85% for a 30-year term. Answer both parts of the question.

What is your monthly payment for this mortgage?

How much total interest will you pay if you keep the mortgage and the home for the full 30 years?

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