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Danyel wants to buy a house for which he needs to borrow $200,000. If he takes...

Danyel wants to buy a house for which he needs to borrow $200,000. If he takes out a 25-year mortgage loan at (4.5%,2), what will be the value of his monthly payments? Round your answer to the nearest cent.

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Answer #1

Calculation for monthly payment is shown below:

Working is given below:

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