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You borrow $ 3 0 0 , 0 0 0 to buy a home. The amortization period ( n ) is 2 5 years. You

You borrow $

300, 000

to buy a home. The amortization period

(

)

25

years. You elect to make monthly payments

(

= 12) .

The bank quotes you a rate of

4 % .

What are your monthly payments on the mortgage?

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