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You need a 40-year, fixed rate mortgage to buy a new home for $220,000. Your mortgage bank will lend you the money at an annual

You need a 40-year, fixed rate mortgage to buy a new home for $220,000. Your mortgage bank will lend you the money at an annual interest rate of 5% APR and monthly compounding. What is your monthly payment?

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$1,060.83

$1,010.32

$458.33

$12,821.20

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