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A $250,000 mortgage is to be repaid by means of monthly payments, at the beginning of each month, for 20 years. You are given

A $250,000 mortgage is to be repaid by means of monthly payments, at the beginning of each month, for 20 years. You are given that the nominal interest rate is 6% convertible monthly. a) Find the monthly payment. b) Suppose now an extra payment of $5000 is made at the end of each year. Determine the monthly payment.

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