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Assume that you will borrow $ 4 0 0 , 0 0 0 from a bank that charges 3 percent interest compounded monthly and repay

Assume that you will borrow $

400, 000

from a bank that charges

3

percent interest compounded monthly and repay the loan with monthly equal payments at the end of each month over the next

20

years. How much will be the monthly payments?

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