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Your brother-in-law asks you to lend him $225000.00 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 $225000.00 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 $225000.00 loan? $1634.71 $1611.97 $937.50 $993.75 $1598.30

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