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You plan to purchase a $150,000 house using a 30-year mortgage obtained from local credit union. The mortgage rate offered to you is 3.25%. You will make a down payment of 20% of the purchase price.

a. Calculate your monthly payments on this mortgage.

b. Calculate the amount of interest and, separately, principal paid in the 30th payment.

c. Calculate the amount of interest and, separately, principal paid in the 200th payment.

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

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92883914

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