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question1 . Suppose the price of a mortgage that you are interested in buying is 500,000 and you have 10% of the money for down

question1 .

Suppose the price of a mortgage that you are interested in buying is 500,000

and you have 10% of the money for down payment handy. The bank will loan

you the remaining 90% with an annual interest rate of 8.25% (compounded

monthly) for a 20-year term. Find your monthly payment.

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