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16-01-2024
Mathematics

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Ramona has been approved for a 20-year, $200,000 mortgage at an annual interest rate of 3.7% compounded monthly. Calculate the monthly payment on the loan.
FV = PV(1+ r/n )ⁿᵗ
Sₙ= P[(1+i)ⁿᵈ - 1]/t

The monthly payment on the loan is ____

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