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You are thinking of purchasing a house. The house costs $350,000. You have $50,000 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 10% per year What will be your annual payment if you sign this mortgage? The annual payment is $.

(Round to the nearest dollar.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92864177

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