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    Mortgage monthly payments

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    On Dec 31, a house is purchased with the buyer taking out a 30-year $90,000 mortgage at 9% interest compounded monthly. The mortgage payments are made at the end of each month. Calculate the amount of the monthly payment.

    a. $724.16
    b. $1356.37
    c. $1365.69
    d. $1355.91
    e. None of the above

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    Solution Summary

    This shows how to calculate the monthly payment for a given mortgage situation.