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1. Consider a 25-year fixed-rate mortgage for $160,000 at a nominal interest rate of 8.80%. A. How much is the required monthly payment? The answer

1. Consider a 25-year fixed-rate mortgage for $160,000 at a nominal interest rate of 8.80%.

A. How much is the required monthly payment?

The answer is 1320.87

I tried many equations but they gave me 1320.825884

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