How large will their monthly payment be on the new, Financial Management

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How large will their monthly payment be on the new

Mr. and Mrs. Hoch are interested in building a summer home that will cost $180,000. They intend to use the $60,000 equity in their present house as a down payment on the new one, and will finance the rest on a 25 year mortgage at an interest rate of 5.1% compounded monthly. How large will their monthly payment be on the new house? Show all work

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