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15) The Simpsons bought a new home in Springfield for $500,000. They paid 20% down and mortgaged the remaining over a 25 -year amortization period.

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15) The Simpsons bought a new home in Springfield for $500,000. They paid 20% down and mortgaged the remaining over a 25 -year amortization period. They agree to pay 5% interest compounded monthly. What is the monthly payment required to pay back the remaining mortgage

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