Question: You borrow $ 3 0 0 , 0 0 0 to buy a home. The amortization period ( n ) is 2 5 years. You

You borrow $300,000 to buy a home. The amortization period (n) is 25 years. You elect to make monthly payments (m=12). The bank quotes you a rate of 4%. What are your monthly payments on the mortgage?

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