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Paul borrowed a 25-year $933178 mortgage loan from CBA 5 years ago with an annual...

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Finance

Paul borrowed a 25-year $933178 mortgage loan from CBA 5 years ago with an annual interest rate of 5.5%, monthly compounded. Recently, the interest rate has been decreased to 3.5% due to economic shocks. Given that the salary of Paul is $14104/month, now what is the ratio of PMT over his monthly salary?

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