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Sarah wants to buy a $600000 one-bedroom apartment in Toronto. She believes that she can...

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Finance

Sarah wants to buy a $600000 one-bedroom apartment in Toronto. She believes that she can make a down payment of $120000. The terms of the mortgage are a 3.0% per year compounded monthly for a fixed 5 year term with an amortization period of 30 years. What is the amount of each monthly payment?

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