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You want to purchase a $200,000 home. You make an initial down payment of $20,000 and take out a 10-year loan (mortgage) for the remaining
You want to purchase a $200,000 home. You make an initial down payment of $20,000 and take out a 10-year loan (mortgage) for the remaining $180,000. What equal payment must you make every month for ten years to pay off this $180,000 if the bank offers you a monthly interest rate of 0.75%? Your first payment will be made in one month.
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