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You obtained a home mortgage of $85,000 for 20 years at 4.5% compounded monthly. How much...

You obtained a home mortgage of $85,000 for 20 years at 4.5% compounded monthly. How much is your monthly payment.

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Expert Solution

Calculations-

Where,
Rate = Periodic Interest rate
Nper = No. of periods
PV= Present value of loan
FV = Future value of loan
pmt= Periodic payments of loan
Type= 0 if the amount paid at the end of period,1 if paid at the beginning.

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