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Question: You plan to purchase a $100,000 house using a 30-year mortgage obtained from local credit union. The mortgage rate offered to you is 8.25%. You will make a down payment of 20% of the purchase price.

- Calculate your monthly payments on this mortgage.

- Calculate the amount of interest and, separately, principal paid in the 25th payment.

- Calculate the amount of interest and, separately, principal paid in the 225th payment.

- Calculate the amount of interest paid over the life of this mortgage.

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Category:- Basic Finance
Reference No.:- M92875428

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