What is the monthly payment, Accounting Basics

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What is the monthly payment

Problem:

You purchase a $255,000 house and you pay 20% down. You obtain a fixed-rate mortgage where the annual interest rate is 5.85% and there are 360 monthly payments.

Required:

Question: What is the monthly payment?

Note: Please show how to work it out.

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Accounting Basics: What is the monthly payment

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Accounting Basics: What is the monthly payment

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