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You have arranged for a $200,000 mortgage to finance the purchase of a large piece of land. The mortgage has a 12% APR, and it

You have arranged for a $200,000 mortgage to finance the purchase of a large piece of land. The mortgage has a 12% APR, and it calls for monthly payments over the next 15 years. How much is your monthly payment? Suppose the first payment occurs one month from now.

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