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Your friend is going to borrow 150,000 using a 30-year mortgage with a 4.25Answer and Explanation: 1 Summary: Determine the monthly payment (PMT): Conclusion: The monthly payment is $ For example, let's use an example of a 30 year mortgage of , at 3%. The monthly payment will be $ Every month, a portion of the monthly payment. A $, mortgage will cost a total of $, over the lifetime of the loan, assuming an interest rate of % and a year term.
