You take a five-year 35000 mortgage to buy a car the, Ask an Expert

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You take a five-year $35,000 mortgage to buy a car. The mortgage requires monthly payments made at the end of each month. The monthly interest rate is 1.5%.

Calculate the monthly payment on the mortgage.

How much do you pay in interest and how much do you pay in principal in the first month?

Calculate the loan balance after the first year.

How much do you pay in interest and how much do you pay in principal in the 13th month?

How much do you pay in interest and how much do you pay in principal in the last month?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92373023

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