catPIE1601 catPIE1601

22-02-2024
Business

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You are considering the purchase of a new home for $200,000. Your banker has informed you that they are willing to offer you a 30-year, fixed-rate loan at 5% with monthly payments. If you borrow the entire $200,000, what is the required monthly payment?
a. $1,073.64
b. $1,193.54
c. $1,342.05
d. $1,484.65

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