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You would like your bank to give a mortgage for $400,000 to buy a new house....

You would like your bank to give a mortgage for $400,000 to buy a new house. Current mortgage rates have an APR of 4% compounded semi-annually for a term of 25 years. What will your monthly payment be?

Select one:

a. $2,104.08

b. $2,560.48

c. $1,600.12

d. $1,340.03

e. None of the above

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