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NEED IT ASAP! Question 1 You are interested in purchasing a house that has a market value of $400,000. You have $80,000 available for down

image text in transcribedNEED IT ASAP!

Question 1 You are interested in purchasing a house that has a market value of $400,000. You have $80,000 available for down payment, so you only need to borrow the remaining amount from a bank, in the form of a mortgage. The mortgage involves equal monthly payments, to be paid at the end of each month, for a 25-year period at an interest rate of 2% per year compounded monthly. How much do you have to pay monthly? Show your calculation

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