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You want to buy a $120,000 house, and you apply for a mortgage loan. The bank requires a 20% down payment. It will give you

You want to buy a $120,000 house, and you apply for a mortgage loan. The bank requires a

20% down payment. It will give you a 25-year loan at 8.75% annual interest rate, payable in

monthly installments. How much is your monthly payment? use monthly compunding formula

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