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You are thinking of purchasing a house. The house costs $ 300,000. You have $ 43,000 in cash that you can use as a down
You are thinking of purchasing a house. The house costs
$ 300,000.
You have
$ 43,000
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 9%
per year. What will be your annual payment if you sign this mortgage?
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