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Part $1$

You are considering purchasing a new home. You will need to borrow

$ $300$ comma $000$$$300,000$

to purchase the home. A mortgage company offers you a

$1515-$year

fixed rate mortgage

$(180180$

$$months$)$ at

$12\%$ APR$12\%$APR

$(11\%$

$$month$).$ If you borrow the money from this mortgage$$ company, your monthly mortgage payment will be closest to$\_\_\_\_\_$