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You are interested in buying a $375,000 home. You have $75,000 for a down payment. The mortgage you want has a term of 30 years,

You are interested in buying a $375,000 home. You have $75,000 for a down payment. The mortgage you want has a term of 30 years, is fully amortizing and has an annual interest rate of 4.75%. What is your monthly mortgage payment?

a. $1565

b. $1347

c. $489

d. $3000

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