Mr. Smith is purchasing a $170,000 house. The down payment is 20% of the price of the house. He is given a 25-year mortgage at a rate of 7%. Find the monthly payment.
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Ashly Hintz
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In order to find the monthly payment on a mortgage or other fixed rate loan, there is a relatively straightforward equation. The equation uses the term (length) and interest rate to determine the monthly payment. That equation is as follows:
`M =...
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