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Kate is applying to the Bank of Montreal for a mortgage of $423,500. The bank is quoting 2.99% semi annually. She would like to have

Kate is applying to the Bank of Montreal for a mortgage of $423,500. The bank is quoting 2.99% semi annually. She would like to have a 25-yar amortization period and wants to make payments monthly. However, she must pay 20% down payment to avoid additional bank insurance. What will Kates monthly payment be?

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