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Mortgage that requires annual payments

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You are thinking of purchasing a home. The house costs $300,000. You have $43,000 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 offerring a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will be your annual payment if you for this mortgage? (Round to nearest dollar)

Reference no: EM131093420

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