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The Johnson family is interested in buying a home. The family is applying for a $ 2 0 0 , 0 0 0 3 0

The Johnson family is interested in buying a home. The family is applying for a $200,00030-year mortgage. Under theterms of the mortgage, they will receive $200,000 today to help purchase their home. The loan will be fully amortizedover the next 30 years. Current mortgage rates are 7.5 percent. Interest is compounded monthly and all payments aredue at the end of the month.23. What is the monthly mortgage payment?

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