Question: Please use the actual financial formula to answer this! -------------------------- Suppose you take out an $840,000, 20-year mortgage loan to buy a residential apartment. The

Please use the actual financial formula to answer this!

--------------------------

Suppose you take out an $840,000, 20-year mortgage loan to buy a residential apartment. The interest rate on the mortgage is 4.65% per annum, and payments are required to be made annually at the end of each year.

Question:

Calculate the annual mortgage payment on the loan

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