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You are buying your first house for $220,000, and are paying $30,000 as a down payment. You have arranged to finance a 30-year mortgage with

You are buying your first house for $220,000, and are paying $30,000 as a down payment. You have arranged to finance a 30-year mortgage with a 7% nominal interest rate and monthly payments. What are the equal monthly payments you must make? Select one: a. $1,976 b. $1,264 a c. $1,513 d. $8,015 e. $1,464

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