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You are considering borrowing $200,000 to purchase a new home. Calculate the monthly payment needed to amortize a 7% fixed-rate 30-year mortgage loan. Calculate the

You are considering borrowing $200,000 to purchase a new home. Calculate the monthly payment needed to amortize a 7% fixed-rate 30-year mortgage loan. Calculate the monthly amortization payment if the loan in (a.) was for 15 years.

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