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Armando took out a 30-year loan for$550,000 to put towards thepurchase of a house. The bank charges 4.75% annual interest, compounded monthly, for the loan.

Armando took out a 30-year loan for$550,000 to put towards thepurchase of a house. The bank charges 4.75% annual interest, compounded monthly, for the loan. What is Armandos monthly payment?

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