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Problem:

Sam is moving out of the state. He has to sell his house and pay off his mortgage loan. Sam bought the house 10 years ago at $300,000. He paid 20% down payment and took a 30-year loan with 7.2% APR monthly compounded.

Required:

Question 1: What is the monthly payment of Sam's mortgage loan?

Question 2: If Sam can sell the house now at $380,000, how much money will he have after paying off the mortgage?

Note: Please answer in proper manner and show all computations

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168805

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