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You wish to borrow $284,000 from XYZ Bank to buy a home.They are offering a 18 year mortgage with an EAR of 5%.Calculate the amount

You wish to borrow $284,000 from XYZ Bank to buy a home.They are offering a 18 year mortgage with an EAR of 5%.Calculate the amount of your monthly payment.Round to the nearest dollar.

The answer is 1,980 1,but i dont know why

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