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Your parents are planning to buy a second house at the price of $400,000 with 20% down payment. While their bank offers a mortgage loan

  1. Your parents are planning to buy a second house at the price of $400,000 with 20% down payment. While their bank offers a mortgage loan rate of 4% per annum. What is their monthly mortgage payment if they decide to pay off the mortgage in 15 years? You need to borrow the rest 80% of the house price and finance. PLEASE USE EXCEL TO SHOW WORK

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