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A mortgage is made for $300,000 for 30 years at an interest rate of 3%. The lender and borrower agree that the loan balance will

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A mortgage is made for $300,000 for 30 years at an interest rate of 3%. The lender and borrower agree that the loan balance will be indexed to the consumer price index (CPI) and adjusted annually. Inflation in year 1 is 3%. Calculate the 2nd year mortgage payment. none of these $1.275,56 $1,302.76 $1,264.81

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