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Problem 8: Mr. Homer has just taken out a $195,000 mortgage at an interest rate of 4.2% [Annual rate]. The mortgage calls for equal monthly

Problem 8: Mr. Homer has just taken out a $195,000 mortgage at an interest rate of 4.2% [Annual rate]. The mortgage calls for equal monthly payments for 15 years. Then calculate the amount of the monthly payment: [Assume monthly compounding]

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