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8. Assume that you have saved money for a down payment on your dream house, but you still need to borrow $12000 from your bank

8. Assume that you have saved money for a down payment on your dream house, but you still need to borrow $12000 from your bank to complete the deal. The bank offers you a 30-year mortgage at an annual rate of 7%. Calculate a) Monthly payment/EMI b) Principal Amount and Interest for the first three months.

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