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How do calculate monthly loan payment

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Problem 1: You are looking at buying a home with an asking price of $450,000. Since the market is hot, you plan to put in an offer for the full asking price. You also plan to put a $90,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 3% APR (compounded monthly). Assume your first payment is made one month from today, calculate your monthly loan payment. (Enter a positive value and round to 2 decimals)

Reference no: EM132919718

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