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You used $100,000 as down-payment (equity) to finance the purchase of a $1M home last spring when the terms of your mortgage were 4% APR
You used $100,000 as down-payment (equity) to finance the purchase of a $1M home last spring when the terms of your mortgage were 4% APR compounded monthly and amortized over 25 years. What should be your monthly payments due on this mortgage?
$3000
$3333.33
$3466.67
$4750.53
$6695.67
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Correct answer is $4750.53
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