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In order to purchase a new distribution warehouse, a company signs a 20-year, 6% annual rate mortgage with Bank for $500,000. Payments are due at

  1. In order to purchase a new distribution warehouse, a company signs a 20-year, 6% annual rate mortgage with Bank for $500,000. Payments are due at the end of each month. In order to satisfy this mortgage, what monthly payment is required? After one year, what will be the remaining mortgage balance?

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