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Submit answers using Excel (please show formulas to understand the solution) You plan to buy a house that costs $350,000. Typical down payment for a

Submit answers using Excel (please show formulas to understand the solution)

You plan to buy a house that costs $350,000. Typical down payment for a mortgage loan is 20%, which amounts to $70,000. You have been saving for a few years and have that down payment. You plan to finance the remaining with a 30-year loan. If mortgage rate is 5.5%, what is your monthly payment?

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