In 1940, John & Lizzie Smith took out a constant amortization mortgage in the amount...
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Accounting
In 1940, John & Lizzie Smith took out a constant amortization mortgage in the amount of $90,000. The loan was for 20 years, and carried an annual interest rate of 3.5%. Showing your answer to the nearest whole cent: during the FOURTH (4TH) MONTH of this mortgage, their TOTAL monthly payment (of principal and interest combined) was:
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