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You are thinking of purchasing a house. The house costs $ 3 0 0 0 0 0 . You have $ 4 0 0 0

You are thinking of purchasing a house. The house costs $300000. You have $40000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 10% per year. What will your annual payment be if you sign up for this mortgage?

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