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You want to buy a house, and a mortgage company will lend you $240,000. The loan would be fully amortized over 20 years (240 months),

You want to buy a house, and a mortgage company will lend you $240,000. The loan would be fully amortized over 20 years (240 months), and the nominal interest rate would be fixed at 6.75 percent, compounded monthly. What would be the monthly mortgage payment?

Selected Answer:	d. $1,824.87
Answers:	a. $12,721.34
	b. $729.95
	c. $22,216.01
	d. $1,824.87
	e. $16,200.00

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