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You borrowed $428,000 for the purchase of your new home. This loan carries an annual percentage rate of 4.15 percent.

  1. You borrowed $428,000 for the purchase of your new home. This loan carries an annual percentage rate of 4.15 percent. It will be paid off through equal month-end installments, including both principal and interest, over a 15-year period. What is the monthly payment required?
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