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4. You are considering purchasing a new home. You will need to borrow AED 4,000,000 to purchase the home. A mortgage company offers you a

4. You are considering purchasing a new home. You will need to borrow AED 4,000,000 to

purchase the home. A mortgage company offers you a 10-year fixed rate mortgage at 12% APR.

If you borrow the money from this mortgage company, what is your monthly mortgage payment? Please solve step by step method without using excel

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