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3. You just bought a house for $400,000, you paid 20% of it as down payment and applied for a 30-year mortgage to finance the

3. You just bought a house for $400,000, you paid 20% of it as down payment and applied for a 30-year mortgage to finance the remaining part. The mortgage payment is scheduled at the end of each month. The 30-year fixed mortgage rate is an annualized rate of 5% compounded monthly. How much is the monthly payment for this mortgage?

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