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Your are considering purchasing a new home. You will need to borrow $250,000 to purchase the home. A mortgage company offers you a 15-year fixed

Your are considering purchasing a new home. You will need to borrow $250,000 to purchase the home. A mortgage company offers you a 15-year fixed rate mortgage at 9%p.a. compounding monthly. If you borrow the money from this mortgage company, your monthly mortgage payment will be

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