A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 5%.What would the monthly payment be?

Name: A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 5%.What would the monthly payment be?
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The monthly payment for a 30-year mortgage of $250,000 at an interest rate of 5% can be calculated using the formula for a fixed-rate mortgage. The correct monthly payment is approximately $1,342.

A Borrower Takes Out a 30-Year Mortgage Loan for $250,000