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Mr. Brown and Ms. Brown agreed to pay $560,000 for a four-bedroom colonial home in Massachusetts with a $60,000 down payment. They have a 30-year

Mr. Brown and Ms. Brown agreed to pay $560,000 for a four-bedroom colonial home in Massachusetts with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.0%.

  1. How much is their monthly payment?

  1. After their first payment, what would be the balance of the principal?

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