The bank will buy the mortgage but requires a 1 per month, Financial Management

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The bank will buy the mortgage but requires a 1 per month

You sold your house. In addition to cash, you took a mortgage on the house. The mortgage will be paid off by monthly payments of $232.50 for 10 years. Then, you decide to sell the mortgage to a local bank. The bank will buy the mortgage, but requires a 1% per month interest rate on their investment. How much will the bank pay for the mortgage?

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Financial Management: The bank will buy the mortgage but requires a 1 per month

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