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How much does rusty get each month

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Rusty Nail owns his house free and clear, and it’s worth $400,000. To finance his retirement, he acquires a reverse annuity mortgage (RAM) from his bank. The RAM provides a fixed monthly payment over 15 years on 70% of the value of his home at 5%.

The payments are made at the beginning of the month. How much does Rusty get each month?

Reference no: EM131127927

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