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) $1,123
B) $1,237
C) $1,687
D) $1,834

Question

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The Answer of 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) $1,123
B) $1,237
C) $1,687
D) $1,834

You Decide to Borrow $250,000 to Build a New Home