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You are purchasing a home and plan to take out a 25 year mortgage loan for $250,000. The interest rate on your loan will be 6% compounded monthly. What will the monthly payments on your mortgage be?

A)

$360.75

B)

$1,610.75

C)

$1,672.88

D) $3,085.84

E) $134.23

F) $20,370.44

Answer
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