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Fixed rate mortgage contract with level payments

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Consider a borrower that is approved for a standard 10-year, fully amortizing house mortgage with an original balance of $500,000 and a note rate (annual interest rate) of 4.8% (Standard refers to a fixed rate mortgage contract with level payments.) What is the monthly mortgage payment for the borrower?

Reference no: EM132370746

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Fixed rate mortgage contract with level payments : Consider a borrower that is approved for a standard 10-year, fully amortizing house mortgage with an original balance of $500,000 and a note rate
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