Calculate the equal monthly payments and cost of financing, Cost Accounting

Calculate the equal monthly payments and the cost of financing on a 25-year mortgage. The cash value of the house today is $500,000. You are paying monthly at a fixed rate of 6% per year compounded monthly. You are required to downpay 10% of the house value at the beginning. At the end of this mortgage you plan to pay off the house completely. The first monthly payment is one month from the start of the mortgage.

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