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You decide to borrow $330,000 to build a new home. You pay $30,000 down and taking out a fully amortizing loan for the balance. The
You decide to borrow $330,000 to build a new home. You pay $30,000 down and taking out a fully amortizing loan for the balance. The bank charges an interest rate of 7% compounded monthly. If you pay back the loan over 25 years, what will your monthly payments be (rounded to the nearest dollar)? amortizing loan for the balance. The bank charges an interest rate $1,834 $2,120 $1,933 $1,237
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