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(4) A 30-year mortgage has an interest rate of 4% per year compounded monthly. (This is called a 30-year, fixed-rate mortgage and is paid in

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(4) A 30-year mortgage has an interest rate of 4% per year compounded monthly. (This is called a 30-year, fixed-rate mortgage and is paid in 360 monthly payments.). The initial principal is $200,000. (a) What is the monthly payment? (b) How much interest is paid over the life of the mortgage

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