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You are planning to buy a house and you need a mortgage to finance it. You have found a mortgage lender that offers a fixed-rate

You are planning to buy a house and you need a mortgage to finance it. You have found a mortgage lender that offers a fixed-rate mortgage with an interest rate of 3.5% per annum. The loan amount is $250,000, and the term of the mortgage is 30 years. You want to calculate the monthly payment and the total amount of interest you will pay over the life of the mortgage.

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