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You are planning on purchasing a $1,000,000 home with a 20% down payment. Assume 30 years for the mortgage. The bank quotes you a 6%

You are planning on purchasing a $1,000,000 home with a 20% down payment. Assume 30 years for the mortgage. The bank quotes you a 6% interest rate (APR).

(i) Calculate the monthly payment

(ii) Calculate the EAR on the loan

(iii) Amortize the first 2 payments

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