Suppose you want to borrow a principal of $450,000 for a term of 25 years at an APR of 5.5%. Then the monthly payment would be at least:

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To calculate the monthly payment for a fixed-rate mortgage, you can use the formula for a fixed-rate mortgage payment, which is: P[r(1+r)^n]/[(1+r)^n-1], where P is the principal amount ($450,000), r is the monthly interest rate (annual rate divided by 12, so 5.5%/12 = 0.0045833), and n is the total number of payments (25 years * 12 months = 300 payments). Plugging these values into the formula gives a monthly payment of approximately $2,062.50.

Suppose You Want to Borrow a Principal of $450,000 for a Term