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You have decided to purchase a house for $ 4 0 0 , 0 0 0 and are evaluating your options for the mortgage. Assume

You have decided to purchase a house for $

400, 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.What is the mortgage amount?If you select the

30 -

year mortgage, the interest rate will be

5 %

annually. What is the monthly payment?

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