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Your brother-in-law asks you to lend him $200000.00 as a second mortgage on his vacation home. He promises to make level monthly payments for 20

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Your brother-in-law asks you to lend him $200000.00 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 6.00% compounded annually. What should the monthly payment be on the $200000.00 loan? $833.33 $883.33 $1453.08 $1432.86 $1420.71

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