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$200,000 is borrowed for the purchase of a new home. The loan is for 30 years (360 payments) and the interest rate is 4.5% compounded
$200,000 is borrowed for the purchase of a new home. The loan is for 30 years (360 payments) and the interest rate is 4.5% compounded monthly. What is the monthly payment? (We are ignoring property taxes and insurance.)
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