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Determining the mortgage payment

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You are buying a house and need to borrow 216,355. The terms of the mortgage are: 15 years of monthly payments (with the first payment occurring one month from today); no balloon payment due at the end; and the bank's (i.e. lender's) stated "APR" mortgage rate is 4% per year (with assumed monthly compounding because the payments occur monthly). What is your mortgage (i.e. amortization) payment? Enter value to the nearest penny.

Reference no: EM132658685

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