Question: A place makes a 30 year Fully Amortizing FRM for $2,400,000 at an annual interest rate of 8% compounded monthly, with monthly payments. Suppose inflation

A place makes a 30 year Fully Amortizing FRM for $2,400,000 at an annual interest rate of 8% compounded monthly, with monthly payments. Suppose inflation is 4% per year, compounded monthly. What is the real value of the 120th payment?

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