You are planning to buy a house today. The house costs $350,000. You have $50,000 in...

You are planning to buy a house today. The house costs $350,000. You have $50,000 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 EAR of 5% per year. What will be your annual mortgage payment?

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jeff jeffy answered 1 year ago

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