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There is a smaller place for sale for $1.2 million. A bank has offered to lend you 80% of the purchase price, with monthly compounding

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There is a smaller place for sale for $1.2 million. A bank has offered to lend you 80% of the purchase price, with monthly compounding and payments for the 30 -year maturity mortgage. Although banks generally quote rates as APRs, this one is offering you an EAR of 6.0% per year. How much will your monthly payment be if the payment is made at the beginning of every month? (cents for answer, use a percent rounded to 4 decimal places, that is 0.nnnn%, for the rate; fill out the first and last couple of periods on the timeline to complete the problem, and show the formulas you used) Show calculator inputs on following page (10 pts)

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