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You are looking to buy a house that costs $560,000 for which you can afford a down payment of 40%. The bank offers you a

You are looking to buy a house that costs $560,000 for which you can afford a down payment of 40%. The bank offers you a mortgage rate of 8% compounded semi-annually over a 25-year period. What is your monthly mortgage payment?

Select one:

a. $1,458

b. $1,500

c. $2,564

d. $5,400

e. $4,274

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