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You Are Considering Purchasing a New Home

Question 61

Multiple Choice

You are considering purchasing a new home. You will need to borrow $250 000 to purchase the home. A bank offers you a 15-year fixed rate mortgage (180 months) at 9% APR (0.75% per month) . If you borrow the money from this bank, your monthly mortgage payment will be closest to:


A) $660
B) $2 536
C) $1 390
D) $2 585

Correct Answer:

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