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An elderly couple owns a $300,000 home that is free and clear of mortgage debt. A reverse annuity mortgage (RAM) lender has agreed to a

An elderly couple owns a $300,000 home that is free and clear of mortgage debt. A reverse annuity mortgage (RAM) lender has agreed to a $250,000 RAM. The loan term is 12 years, the contract is 8.0% interest, and payments will be made at the end of each month. This will result in the lender paying the elderly couple $_______/month.

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