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Jim took out a 30 year, $200,000 mortgage on his home with an annual interest rate of 5.5%, compounded monthly. What will Jims monthly payments

Jim took out a 30 year, $200,000 mortgage on his home with an annual interest rate of 5.5%, compounded monthly. What will Jims monthly payments be? Identify the following variables: N, I/Y, PV, PMT, FV

Please show how the answer is computed (steps, a formula used, etc.)

Please try to avoid mathematical shorthand or please explain the answer to help me understand.

Thank You!

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