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You are thinking of purchasing a house. The house costs $200,000. You have $20.000 in cash that you can use as a down payment on

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You are thinking of purchasing a house. The house costs $200,000. You have $20.000 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 banks offering a 30-year more that requires and payments and has an interest rate of 8% per year. What will be your annual payment you sign this mortgage? The annual payment is (Round to the rear dolar)

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