What will be annual payment if you sign this mortgage

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Reference no: EM131011682

A house you are looking to purchase costs $200,000. You have $29,000 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 requries annual payments and has an interest rate of 5% per year. What will be your annual payment if you sign this mortgage? (round to the nearest dollar)

Reference no: EM131011682

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