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What is the monthly installment the borrower will receive

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Question - A reverse mortgage is made with a balance of $300,000 on property now valued at $700,000. The loan calls for monthly payments to be made to the borrower for 120 months at an annual interest rate of 6%. What's the monthly installment the borrower will receive (assuming the monthly installments are made at the end of each month)?

Reference no: EM133146046

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