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Suppose that a mortgage of $700,000 is to be repaid over 30 years at an annual interest rate of 2.5%. Using the formula for calculating

Suppose that a mortgage of $700,000 is to be repaid over 30 years at an annual interest rate of 2.5%. Using the formula for calculating the present value of an annuity of n periods, find the fixed yearly payment to pay off the loan in 30 years.

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