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Suppose you want to borrow $200,000 from the bank to buy a home and agree...

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Basic Math

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Suppose you want to borrow $200,000 from the bank to buy a home and agree to repay the loan in 360 equal monthly payments, including all interest due. The bank charges 0.35% per month on the unpaid balance (4.2% per year compounded monthly). Answer the following questions about this loan. How much is the monthly payment? $ Round to the nearest cent.

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