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OpenStudy (anonymous):
Check my work please? I got B for this one. But I am confused because it says compounded monthly. Did I skip a step or is B right? Alice purchased a house using a fixed rate mortgage. The annual interest rate is 5.6% compounded monthly for 30 years. The mortgage amount is $205,000. What is the monthly payment on the mortgage? $601.33 $1,176.86 $1,189.00 $1,271.15
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