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c ) Leo is planning to purchase a home for $ 8 7 9 , 5 0 0 in Charleston, SC . He intends making

c) Leo is planning to purchase a home for $879,500 in Charleston, SC. He intends making a down payment of $88,000 and borrowing the remaining amount with a 30-year fixed rate mortgage with monthly payments. The first payment is due a month from now. The current mortgage rates are quoted at 4.5% per year with a monthly compounding. How much would Leo's monthly mortgage payment be?

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