3. You purchase a home with a mortgage of $550,000. Your mortgage rate is 6.2% annually, compounded...
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Question:
3. You purchase a home with a mortgage of $550,000. Your mortgage rate is 6.2% annually, compounded monthly, and will last for 25 years.
What is your monthly payment?
a.
$3,611.20
b.
$940.32
c.
$34,100.00
d.
$1,753.83
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