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You are looking at buying a home with an asking price of $225,000. Since the

market is hot, you plan to put in an offer for full asking price. You also plan to put a $45,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 4.125% APR (compounded monthly). Assume your first payment is made one month from today, calculate your monthly loan payment.

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