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Emily owns a small house whose current market value is $ 8 0 0 , 0 0 0 , with a $ 2 0 0
Emily owns a small house whose current market value is $ with a $ mortgage on the current house. Now she has signed a contract to sell the house at the market price and received $ from the buyer. She will use the left cash $ to purchase a new house valued at $; the rest of the amount will be financed via a new home loan. Emily wants to borrow a year new home loan from the bank at an annual interest rate of with monthly payments. Suppose that the bank's annual required return rate is ; what is the present value of the new mortgage loan?Keep decimal places in the solution box and do not input $ in the solution box, eg if you obtain $ as the correct outcome, please input in your solution box.
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