Mr and mrs smith bought an rv for 85000 they made a 20 down, Ask an Expert

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Mr. and Mrs. Smith bought an RV for $85,000. They made a 20% down payment, with the balance amortized by an 8-year mortgage at 7% interest compounded monthly. a) What is their monthly payment? b) What is the total amount of interest paid over the life of the mortgage? c) Write out the amortization schedule for the first 4 payments.

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Financial Management, Finance

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