Thinking of purchasing house

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Reference no: EM133976769

Question

You are thinking of purchasing a house. The house costs $400,000. You have $57,000 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 requires annual payments and has an interest rate of 9% per year. What will your annual payment be if you sign up for this? mortgage?

Reference no: EM133976769

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