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You are interested in purchasing a house for $1,250,000. You offer a down payment of 20 percent of the purchase price. The bank has offered
You are interested in purchasing a house for $1,250,000. You offer a down payment of 20 percent of the purchase price. The bank has offered you a fixed mortgage rate of 3.25 percent. You have been approved by the bank for a 30 year mortgage. What is your monthly mortgage payment (rounded to the nearest dollar)? The mortgage is compounded semi-annually.
$3,798
$4,069
$4,340
$5,425
None of the above
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