Question: You borrow 2 5 0 , 0 0 0 $ to buy a house. The mortgage rate is 8 . 5 % , it requires

You borrow 250,000$ to buy a house. The mortgage rate is 8.5%, it requires a 5% down payment. The loan period is 20years. Payments are made monthly. If you pay for the house according to the loan agreement, how much is the monthly payment?

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