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1. You have just purchased land in Washington for $700,000. You have been charged an interest rate of 9% APR, compounded monthly, and have entered

1. You have just purchased land in Washington for $700,000. You have been charged an interest rate of 9% APR, compounded monthly, and have entered into a 30-year mortgage with the bank. What are your monthly payments?

2. What are the second month's principal payment and ending balance?

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