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A couple has just purchased a home for $357,100.00. They will pay 20% down in cash,...

A couple has just purchased a home for $357,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.40% APR with monthly compounding. The mortgage has a term of 30 years.

What is the monthly payment on the loan?

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solution Interest rate per month-5.4%/12 0.45% 360 Period in months-30*12 cost of home 357100 71420 Less : downpayment at 20%

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