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  3. 1 you decide to borrow $200,000 to build a new hom

1 You decide to borrow $200,000 to build a new home. The bank charges an...

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1 You decide to borrow $200,000 to build a new home. The bank charges an interest rate of 6% compounded monthly. If you pay back the loan over 30 years, what will your monthly payments be (rounded to the nearest dollar)? $589 $1,199 $556 $556 0 $1,374 $1,374

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