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You are thinking of purchasing a house. The house costs $ 393000. You have $...

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Finance

You are thinking of purchasing a house. The house costs $ 393000. You have $ 40000 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 requires annual payments and has an interest rate of 11% per year. What will be your annual payment if you sign this mortgage?

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