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A homeowner takes out a $227,000, 20-year fixed-rate mortgage at a rate of 6.15 percent. What are the monthly mortgage payments? (Do not round intermediate

A homeowner takes out a $227,000, 20-year fixed-rate mortgage at a rate of 6.15 percent. What are the monthly mortgage payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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