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What is the principal amount of a loan if the monthly payment on a 30-year mortgage is $1,600? Assume an annual interest rate of 6

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What is the principal amount of a loan if the monthly payment on a 30-year mortgage is $1,600? Assume an annual interest rate of 6 percent, compounded monthly. Click the answer you think is right. $296,493.33 $322,023.73 $249,003.18 $266,866.58

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