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Answer:
Periodic payment of a loan is given by
P = L[r(1 + r)^n]/[(1 + r)^n - 1]
P - Periodic payment = ?
r - Interst rate = 0.085/12 = 0.0070833
n - Term = 25*12 = 300
L - Loan amount = 120000
P = 120000*(0.0070833*(1 + 0.0070833)^300)/((1 + 0.0070833)^300 - 1)
= $966.2693
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