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Compute monthly payment on thirty-year level payment

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In each of the following questions, monthly mortgage coupon rates should be calculated by simply dividing the annual rate by 12. You should also assume that all of the securities pay monthly. You should also divide annual interest rates by 12 to get the corresponding monthly rate and assume monthly compounding when computing present values.

Problem 1: Compute the monthly payment on a 30-year level payment mortgage assuming an annual mortgage rate of 5% and an initial mortgage principal of $400,000.

Reference no: EM132945103

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