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finance

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3. You decide to borrow $200,000 to build a new house. The bank charges an interest rate of 6% compounded monthly. If you pay the loan back over 30 years, what will your monthly payment be [rounded to the nearest dollar]?

  • finance - ,

    200000 = pay[1 - 1.005^-360]/.005
    1000 = paym[.833958072]
    paym = 1000/.833958072
    = $1199.10 or
    $1199 to the nearest dollar

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