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To buy a house, you need to take out a fixed rate mortgage with 30 years to maturity, 360 equal monthly payments, and a quoted
To buy a house, you need to take out a fixed rate mortgage with 30 years to maturity, 360 equal monthly payments, and a quoted interest rate of 9%. (You could also call this 9% APR, compounded monthly.) If your monthly payment is $1,300 how much are you borrowing today for this mortgage?
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