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You need a 30-year, fixed-rate mortgage to buy a new home for $300,000. Your mortgage bank will lend you the money at a 4 percent

  1. You need a 30-year, fixed-rate mortgage to buy a new home for $300,000. Your mortgage bank will lend you the money at a 4 percent APR for a 360 month loan. You can only afford a downpayment of 10 percent. What will your monthly mortgage payment?[10 points]

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