Question: You are purchasing a home for $ 3 2 0 , 0 0 0 . The loan requires a down payment of 2 5 %

You are purchasing a home for $320,000. The loan requires a down payment of 25% of the purchase price. The rest will be borrowed through a 3.75%(CIA) amortized with annual payments for 15 years. What will the annual payment be on the loan?

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