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You are thinking of purchasing a house. The house costs $ 7 0 0 , 0 0 0 . You have $ 2 0 0
You are thinking of purchasing a house. The house costs $ You have $ 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 year mortgage with monthly payments and has an APR of
What will your monthly payment be
How much of the principal is still owed after one year?
How much will you pay in interest during the first year?
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