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Suppose that Peter needs a 30-year mortgage loan from a local bank to finance his new house. The house costs $125,000 and he already

Suppose that Peter needs a 30-year mortgage loan from a local bank to finance his new house. The house costs $125,000 and he already put down 20% of the purchase price. What is the monthly mortgage payment? Note that: the interest rate is 1% monthly.

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