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Suppose that a house costs $500,000 and that the buyer puts down 20% of the purchase price in cash, borrowing the remaining amount from a

Suppose that a house costs $500,000 and that the buyer puts down 20% of the purchase price in cash, borrowing the remaining amount from a mortgage lender such as a bank. What is the appropriate monthly mortgage payment if the annual interest rate is 3%? The mortgage is for 25 years.

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