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13 October, 18:06

Suppose you decide to buy a house for $250,000. Based on your credit score and your budget constraint the bank will give you a home loan that has an annual interest of 3.2% compounded monthly on a 30 year loan what will be your monthly loan payment

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  1. 13 October, 18:21
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    250000=X[ (1 - (1+0.032/12) ^ (-12*30)) / (0.032/12) ]

    Solve for x

    X=1081.17
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