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You are interested in purchasing a house that has a market value of $400,000. You have $80,000 available for down payment, so you only need
You are interested in purchasing a house that has a market value of $400,000. You have $80,000 available for down payment, so you only need to borrow the remaining amount from a bank, in the form of a mortgage. The mortgage involves equal monthly payments, to be paid at the end of each month, for a 25-year period at an interest rate of 2% per year compounded monthly. How much do you have to pay monthly?
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