Edie wants to borrow 325000 to purchase a new condominium, Ask an Expert

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Edie wants to borrow $325,000 to purchase a new condominium in New York.

What are her monthly payments for a fully amortizing 30-year fixed rate mortgage with a 4.5% contract rate?

How much of her first payment goes towards repaying the amount borrowed?

How much of her thirteenth payment goes towards repaying the amount borrowed?

What are her monthly payments for a partially amortizing 30-year fixed rate mortgage with a 4.5% contract rate which requires a balloon payment of $250,000 at maturity?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92653876

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