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You plan to take out a $ 3 2 0 , 0 0 0 fixed - rate home mortgage. It is a 3 0 -

You plan to take out a $320,000 fixed-rate home mortgage. It is a 30-year loan requiring monthly loan payments of equal amount. The interest rate on the mortgage is 7.42%. What will be your monthly mortgage payment?
a.
$2,102.26
b.
$2,951.91
c.
$1,516.24
d.
$3,010.77
e.
$2,219.98

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