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What is your monthly mortgage payment for this loan

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Question - You have been saving money to buy a home and today, you decided to buy a home and take out $400,000 mortgage loan from a bank. This loan requires you to make a monthly payment for 30 years and the interest rate on your loan is 3% APR compounded monthly. What is your monthly mortgage payment for this loan? Please show your excel formula in your answer and explain step-by-step calculation to arrive to your answer.

Reference no: EM132982100

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