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06-06-2023
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A home buyer will take out a mortgage of $280,000 for a new house. The mortgage will feature 30 years of monthly payments. The mortgage carries a 4.80% APR (with monthly compounding). What will be the monthly payment on this mortgage? (round to the nearest dollar)
a. $1,483
b. $1,187
c. $1,175
d. $940.20
e. $1,469

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