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The Starks purchased a waterfront cottage for $625,000. They made a down payment of 14% and received a mortgage for the remaining amount, amortized over
The Starks purchased a waterfront cottage for $625,000. They made a down payment of 14% and received a mortgage for the remaining amount, amortized over 25 years. If the interest rate was 7.04% compounded monthly, calculate the payment they made at the end of each month.
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