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Tom wishes to purchase a property that has been valued at $$ 300,000$. He has $25 %$ of this amount available as a cash deposit,
Tom wishes to purchase a property that has been valued at $\$ 300,000$. He has $25 \%$ of this amount available as a cash deposit, and will require a mortgage for the remaining amount. The bank offers him a 25 -year mortgage at $2 \%$ interest. Calculate his monthly payments.
Round your answer to the nearest cent. Do NOT round until you have calculated the final answer.
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