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You are thinking of purchasing a house. The house costs $200,000. You have $29,000 in cash that you can use as a down payment on

You are thinking of purchasing a house. The house costs $200,000. You have $29,000 in cash that you can use as a down payment on thehouse, 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 be your annual payment if you sign thismortgage?

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