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You want to buy a house that costs $230,000. You will make a down payment equal to 10 percent of the price of the house

You want to buy a house that costs $230,000. You will make a down payment equal to 10 percent of the price of the house and finance the remainder with a loan that has an APR of 5.27 percent compounded monthly. If the loan is for 20 years, what are your monthly mortgage payments?

Multiple Choice

  • $1,350.60

  • $1,397.17

  • $1,391.06

  • $1,467.03

  • $1,416.05

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