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To purchase a house that cost $250,000, Adriana Lopez made a $25,000 down payment. She financed the remaining $225,000 using a 30-year conventional loan at a 7% per annum compounded monthly interest rate with no additional closing costs. How much were her monthly payments? If she sold the house for $300,000 after 5 years, how much equity would she have had in the house at the time of its sale?

Microeconomics, Economics

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