The woods have 50000 to use as a down-payment on a house, Ask an Expert

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The Woods have $50,000 to use as a down-payment on a house, and they want to borrow $250,000 to buy a house for $300,000. The current annual mortgage interest rate is 3%. What will their monthly payment be for a 30 year loan that has equal monthly payments. They will owe zero at the end of the mortgage. What functions on Excel would need to be input?

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