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Suppose you want to buy a house today that costs $400,035. The bank requires you to...

Suppose you want to buy a house today that costs $400,035. The bank requires you to make a 20% down payment, but you can borrow the rest. If you are charged 5.01% APR and the mortgage is for 30 years, what is your monthly payment?

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solution: Cost of house Less : down payment at 20% Financing / PVIFA(0.75%/12,36)** Monthly payment 400035 -80007 320028 186.

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