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Please solve the following and show work. Thank you Calculate the monthly payment for this mortgage. Show calculations. ?? 3. You are one of a

Please solve the following and show work. Thank you

Calculate the monthly payment for this mortgage. Show calculations.

??

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3. You are one of a group that win the Super Lotto Jackpot. Your share is $300,000 after all taxes. You decide to purchase a new house. The purchase price is $600,000 with a down payment $120,000. You take out a 30-year mortgage for the remaining $480,000. This mortgage requires 360 monthly payment at a monthly interest rate of 0.75% (this corresponds to a nominal annual rate of 9%). Calculate the monthly payment for this mortgage. Show calculations

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