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You have approached your bank for a 30-year mortgage loan in the sum of $2,160,000. The bank has agreed to lend you the money at
You have approached your bank for a 30-year mortgage loan in the sum of $2,160,000. The bank has agreed to lend you the money at an annual rate of 6.32%. a. Calculate the MONTHLY repayment on this loan.
Compute the interest payment for the first month of the loan (based on your answer from #6 part (a)).
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