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• Question: Question content area top Part 1 Use\u2003\u2003 PMT=Prn1−1+rn−nt \u2003\u2003 to determine the regular payment\u200b amount, rounded to the nearest dollar.The price of a home is $340,000. The bank requires a 5\u200b% down payment. After the down\u200b payment, the balance is financed with a 15\u200b-year\u200bfixed-rate mortgage at 7\u200b%. Determine the monthly mortgage payment\u200b (excluding

  Question content area top

  Part 1

  Use\u2003\u2003

  PMT=Prn1−1+rn−nt \u2003\u2003

  to determine the regular payment\u200b amount, rounded to the nearest dollar.The price of a home is

  $340,000.

  The bank requires a

  5\u200b%

  down payment. After the down\u200b payment, the balance is financed with a

  15\u200b-year

  \u200bfixed-rate mortgage at

  7\u200b%.

  Determine the monthly mortgage payment\u200b (excluding escrowed taxes and\u200b insurance) to the nearest dollar.