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You are considering purchasing a new home. You will need to borrow $240,000 to purchase the home. A mortgage company offers you a 20-year fixed

You are considering purchasing a new home. You will need to borrow

$240,000

to purchase the home. A mortgage company offers you a

20-year

fixed rate mortgage

(240

months) at

9% APR

(0.75%

month). If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to:

$1,727

$2,159

$3,023

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