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Posted on Jul 29, 2024

A borrower obtains a $ 3 0 0 , 0 0 0 reverse annuity mortgage with monthly payments over 5 years with a $ 5

A borrower obtains a $

300, 000

reverse annuity mortgage with monthly payments over

5

years with a $

50, 000

advance. If the interest rate of the mortgage loan is

7.5 %,

what is

the monthly payment received by the borrower? using finance calculator

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