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Suppose the Bank of Montreal is offering a mortgage with an effective annual rate (EAR) of 5.375%. If you plan to borrow $150,000, what will

Suppose the Bank of Montreal is offering a mortgage with an effective annual rate (EAR) of 5.375%. If you plan to borrow $150,000, what will your monthly payment be assuming a 30-year amortization? (Note: Be careful not to

round any intermediate steps less than six decimal places.)

Your monthly payment will be $

(Round to the nearest cent.)

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