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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

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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