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Determine the monthly payment that the smiths will pay

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Question - The Smiths have decided to purchase a new home. In order to do so, they borrow $175,000 from their local bank. The interest mortgage rate will 3.5%. They intend to pay off the loan in 30 years.

Required -

(A) Determine the monthly payment that the Smiths will pay.

(B) What will the total amount paid by the Smiths equal.

(C) What is the effective rate the Smiths will have paid for their loan.

Reference no: EM132522289

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