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You have just taken out a 30year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments.

You have just taken out a 30year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 10 percent, then what is the amount of each of the monthly installments? 1. $1,000.00 $1,053.09 $1,421.85 $1,515.00 $1,522.85

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