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Posted on May 19, 2024

Suppose a potential home buyer is interested in taking a $ 2 0 5 , 0 0 0 mortgage loan that has a term of

Suppose a potential home buyer is interested in taking a $

205, 000

mortgage loan that has a term of

25

years and a fixed mortgage rate of

5.6 % .

What is the monthly mortgage payment that the homeowner would need to make if this loan is fully amortizing? Round your answer to two decimal places, and do not include the $ sign, e

.

., 123456.54 .

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