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You want to buy a house priced at USD 400K, but you have to take a mortgage to finance it. The contract available to you

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You want to buy a house priced at USD 400K, but you have to take a mortgage to finance it. The contract available to you requires 20% down payment and offers a loan at APR of 8% compounded monthly. If this contract requires monthly repayment of the mortgage loan in equal installments, find the amount of monthly payment if the loan is going to mature exactly 10 years from now. [5 points]

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