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You are considering purchasing a new home. The home costs $ 2 5 0 , 0 0 0 to purchase. A mortgage company offers you

You are considering purchasing a new home. The home costs $250,000 to purchase. A mortgage company offers you a 30-year fixed rate mortgage at a 4.5% rate compounded monthly. If you borrow 80% of the purchase price from this mortgage company, your monthly mortgage payment will be closest to:
A. $1013.37
B. $1,009.58
C. $1266.71
D. $1499.37
E. $890.56
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