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What are your monthly payments to cover accrued interest

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Question - You just bought a home for $650,000. You put $150,000 down, and will pay the rest on a 20-year mortgage. The bank offers a nominal interest rate of 3%, compounded monthly. You wish to pay your mortgage in monthly instalments. What are your monthly payments to cover accrued interest charges while still paying your mortgage off in 20 years?

Reference no: EM133123999

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