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Richard has just purchased an apartment at a price of $9 million. He made a downpayment of $4 million and financed the remaining balance with

Richard has just purchased an apartment at a price of $9 million. He made a downpayment of $4 million and financed the remaining balance with a 20-year mortgage at 6% per annum, compounded monthly. (i) Determine the size of the fixed month-end payments.

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