What is the fixed monthly payment on equivalent

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A 55-year license to use a parking spot at 67 Higgs in New York City costs $2 million. The license holder must stop using the parking space after. If the interest rate is fixed at 0.4% per month for the next 55 years, what is the fixed monthly payment on an equivalent 55-year mortgage to finance this purchase?

Reference no: EM131948484

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