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You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on
You are thinking of purchasing a house. The house costs
$350,000.
You have
$50,000
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
8%
per year. What will be your annual payment if you sign this mortgage?
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