You are planning to take out a 5 hundred thousand dollar fixed-rate mortgage with a 30-year...
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You are planning to take out a 5 hundred thousand dollar fixed-rate mortgage with a 30-year term and a stated annual mortgage rate of 5.7 percent. Your lender offers to lower your stated annual interest rate by one-quarter of a percentage point for each discount point you buy. What will your monthly payment be if you buy 3 discount points? Round your answer to the nearest dollar. (Note: This information will also be used in the next question.) You are planning to take out a 5 hundred thousand dollar fixed-rate mortgage with a 30-year term and a stated annual mortgage rate of 5.7 percent. Your lender offers to lower your stated annual interest rate by one-quarter of a percentage point for each discount point you buy. What will your monthly payment be if you buy 3 discount points? Round your answer to the nearest dollar. (Note: This information will also be used in the next question.)
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