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You take a 30 year mortgage for $400,000 to buy a house, at an interest rate of 4.75%. Calculate what the monthly payment will be.

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You take a 30 year mortgage for $400,000 to buy a house, at an interest rate of 4.75%. Calculate what the monthly payment will be. Rates are compounded monthly. [Hint: Derive the general formula, sum the geometric series, and then plug in the numbers!] Calculate the total dollar amount that is paid out. 6

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