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You are considering purchasing a new home. You will need to borrow $397,275 to purchase the home. A mortgage company offers you a 20-year fixed-rate

You are considering purchasing a new home. You will need to borrow $397,275 to purchase the home. A mortgage company offers you a 20-year fixed-rate mortgage (240 months) at 12% per annum. If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to ...

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