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You are buying a cottage in Muskoka for $1.8 million, and are paying $725,000 down in cash. Today, you are financing the balance with a

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You are buying a cottage in Muskoka for $1.8 million, and are paying $725,000 down in cash. Today, you are financing the balance with a 25 year loan with monthly payments. If this loan has an annual percentage rate of 6.2%, what is the approximate amount of each loan payment? A $11,818 B $9,304 (C) $7,058 $3,583

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