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Suppose a borrower takes out a $ 2 7 5 , 0 0 0 , 3 0 year mortgage with a fixed annual interest rate

Suppose a borrower takes out a $275,000,30 year mortgage with a fixed annual interest rate of 6.75%. In addition to monthly payments of principal and interest, the lender will also require the borrower pay 0.7% PMI monthly and to escrow taxes and insurance by making escrow payment. The property taxes are $5,000, insurance is $2,000. What is the amount of the borrower's total monthly payment to the lender?

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