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You are considering borrowing $150,000 to purchase a new home. Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30-year mortgage loan. Show

You are considering borrowing $150,000 to purchase a new home. Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30-year mortgage loan. Show your work including Variables and Formulas. Be as detailed as possible.

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