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Calculating Mortgage Payments o In a flat amortizing fixed mortgage, the monthly payment is determined at the beginning of the contract. Assume that A is

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Calculating Mortgage Payments o In a flat amortizing fixed mortgage, the monthly payment is determined at the beginning of the contract. Assume that A is the original balance, r is the interest rate, and N is the number of months in the contract. Then, the monthly payment is equal to: N o Homework: Derive this formula

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