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Andrew Bolkonsky borrows $200,000 to purchase a house for investment purposes on January 1st2006. The bank lends him the money at an interest rate of

Andrew Bolkonsky borrows $200,000 to purchase a house for investment purposes on January 1st2006. The bank lends him the money at an interest rate of 8% p.a. compounded semi-annually (2 times per year). The loan is to be paid off over 30 years by making equal monthly payments starting in exactly one month.a.What are the monthly payments?

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