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A real estate investor purchased a property for $1.2 million. He made a 15% down...

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Finance

A real estate investor purchased a property for $1.2 million. He made a 15% down payment and financed the remaining amount at a 4% annual interest rate for 30 years.
a. Compute the monthly mortgage payment.
b. Compute the mortgage loan balance after five years assuming every payment was
made on time and no additional loan payments were made

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