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Alex has applied for a $500,000 loan for his first installment of his new flat. The mortgage will be amortized over 25 years with monthly

Alex has applied for a $500,000 loan for his first installment of his new flat. The mortgage will be amortized over 25 years with monthly payments based on a nominal rate of 12% compounded monthly.

(a) What is the monthly payment of the mortgage?

(b) Find the outstanding principal of the loan after paying the 240th payment.

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