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You need a 26-year, fixed rate mortgage to buy a new home for $250,000. Your mortgage bank will lend you the money at an annual

You need a 26-year, fixed rate mortgage to buy a new home for $250,000. Your mortgage bank will lend you the money at an annual interest rate of 6.5% APR. What is your annual payment?

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$20,173.70

$18,942.44

$9,615.38

$9,000.26

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