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Suppose you want to buy a house for $ 4 2 0 , 0 0 0 and you have $ 4 0 , 0 0
Suppose you want to buy a house for $ and you have $ in savings you can use as a down payment.
The rest you finance with a year mortgage monthly payments with a quoted interest rate of APR COMPOUNDED SEMI ANNUALLY
Assume that this mortgage is amortized over years.
a What are the monthly payments over the year term of the mortgage?
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