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Your brother's garden supplies business obtained a 30-year amortized mortgage loan for $260,000 at a nominal annual rate (APR) of 5.25%, with 360 end-of-month payments.

Your brother's garden supplies business obtained a 30-year amortized mortgage loan for $260,000 at a nominal annual rate (APR) of 5.25%, with 360 end-of-month payments.

What is his monthly loan payment?

What is the balance on his loan at the end of the first month?

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