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You have decided to purchase a house for $225,000 and are evaluating your options for the mortgage. Assume that your down payment will be 20%

You have decided to purchase a house for $225,000 and are evaluating your options for the mortgage. Assume that your down payment will be 20% of the purchase price, payments will be made monthly, and the first payment will be made one month from today. If you select the 30-year mortgage, the interest rate will be 4.50% annually. What is the total of all payments for each mortgage?

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