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Your brother asks you to lend him $150000.00 as a second mortgage on his vacation home. He promises to make level monthly payments for 20

Your brother asks you to lend him $150000.00 as a second mortgage on his vacation home. He promises to make level monthly payments for 20 years, 240 payments in all. You decide that a fair interest rate is 4.50% compounded annually. What should the monthly payment be on the $150000.00 loan?

625

939.38

960.95

948.97

653.13

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