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You are thinking of purchasing a house. The house costs $ 4 0 0 comma 0 0 0 $ 4 0 0 , 0 0

You are thinking of purchasing a house. The house costs $ 400 comma 000$400,000. You have $ 57 comma 000$57,000 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 3030-year mortgage that requires annual payments and has an interest rate of 7%7% per year. What will be your annual payment if you sign this mortgage?

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