Ken and Bob took out $125000 mortgage at 8.75% three years ago. The amortization period was 25 years. What is their monthly payment?
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The monthly payment for a mortgage can be calculated using the formula: M = P [ i*(1 + i)^n] / [ ((1 + i)^n)-1], where M is the monthly payment, i is the annual rate of interest divided by 12, n is the total...
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