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Suppose the Bank of Montreal is offering a 30-year mortgage with an EAR of 5.500%. If you plan to borrow $170,000, what will your monthly payment be? (Note: Be careful not to round any intermediate steps ess than six decimal places.)

Suppose the Bank of Montreal is offering a 30-year mortgage with an EAR of 5.500%. If you plan to borrow $170,000, what will your monthly payment be? (Note: Be careful not to round any intermediate steps ess than six decimal places.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Suppose the Bank of Montreal is offering a 30-year mortgage with an EAR of 5.500%. If you plan to borrow $170,000, what will your monthly payment be? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $ (Round to the nearest cent.)
Transcribed Image Text:Suppose the Bank of Montreal is offering a 30-year mortgage with an EAR of 5.500%. If you plan to borrow $170,000, what will your monthly payment be? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $ (Round to the nearest cent.)
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