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You buy a house whose purchase price is $400,000. You put $80,000 as a down payment and the other $320,000 must be financed. You take

You buy a house whose purchase price is $400,000. You put $80,000 as a down payment and the other $320,000 must be financed. You take out a 30 year fixed rate mortgage at 4 percent APR with monthly compounding. What is the amount of the monthly mortgage payment? Show your work.

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