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You are purchasing a home for $ 3 9 5 , 0 0 0 . The loan requires a down payment of 1 5 %

You are purchasing a home for $395,000. The loan requires
a down payment of 15% of the purchase price. There are no other
fees. The rest will be borrowed through a 7.35%(CIA)
amortized loan with annual payments for 20 years. What will
the annual payment be on the loan?

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