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A property is appraised at $500,000 and the buyer obtains a loan for 75% of its appraised value. The loan is spread over 25 years
A property is appraised at $500,000 and the buyer obtains a loan for 75% of its appraised value. The loan is spread over 25 years at an interest rate of percent per month. If the amount paid toward the principal is to remain constant throughout the life of the loan, what is the FIRST monthly payment
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