You decide to borrow $250,000 to build a new home. The bank charges an
You decide to borrow $250,000 to build a new home. The bank charges an interest rate of 8%
compounded monthly. If you pay back the loan over 30 years, what will your monthly payments
be (rounded to the nearest dollar)?
A) $1,237 B) $1,123 C) $1,687 D) $1,834
ANSWER
D
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