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You're planning to take out a $ 2 0 , 0 0 0 HELOC for a home renovation project. If the loan has an annual

You're planning to take out a $

20, 000

HELOC for a home renovation project. If the loan has an annual interest rate of

2.5 %

and you plan to repay it over

5

years, what will your monthly payments be

?

Round your answer to the nearest hundredth and do not add the $

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