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You have just purchased ( today ) a new home for $ 8 0 0 , 0 0 0 . You borrowed 8 0 %

You have just purchased

(

today

)

a new home for $

800, 000 .

You borrowed

80 %

of the purchase price from Wells Fargo. You agree to make

240

monthly payments. The interest rate is

9 %

APR

(

monthly compounding

) .

The first payment is due one month from today. Determine how many monthly payments you make..

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