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Calculate the monthly payment for the mortgage

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You are considering purchasing a house that costs $285,000. You must make a down payment of 15% of the value of the house. Four percent of the purchase price less the down payment will be added to the total amount borrowed in order to cover the closing costs. The total loan balance may be borrowed over 30 years at 7% interest. Calculate the monthly payment for the mortgage.

  • down payment
  • less down payment
  • final down payment
  • purchase cost
  • loan
  • interest
  • period
  • amount

Reference no: EM133275916

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