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A single-family home has sold for $325,000. A mortgage has been obtained on the property for 95% of the sales price. The interest rate on
A single-family home has sold for $325,000. A mortgage has been obtained on the property for 95% of the sales price. The interest rate on the mortgage is 6.5% and the term of the mortgage is 30 years. What is the monthly principal and interest payment?
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