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1. Bob and his wife are buying a $300,000 house. They put 20% down and finance the $240,000 balance with a 30-year mortgage at 6.50%

1. Bob and his wife are buying a $300,000 house. They put 20% down and finance the $240,000 balance with a 30-year mortgage at 6.50% APR with monthly compounding. Compute the mortgage portion of their monthly payment.

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Answer 1 the loan amount is P 300000 rate on interest r 650 monthly 650 ... blur-text-image

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