You are thinking of purchasing a house. The house costs 250,000. You have 36,000 in...
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You are thinking of purchasing a house. The house costs 250,000. You have 36,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 6% per year. What will be your annual payment if you sign this mortgage?
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