17. Consider a growing equity mortgage on a $250,000 mortgage with yearly payments. The stated inter- est

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17. Consider a growing equity mortgage on a $250,000 mortgage with yearly payments. The stated inter- est rate on the mortgage is 6%, but this only applies to the first annual payment. Thereafter, the annual payment will grow by 5.5797 %. Develop an amor- tization table for this loan, assuming the initial pay- ment is based on 30 years and the loan pays off in 15 years.

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Financial Markets and Institutions

ISBN: 978-0321280299

5th edition

Authors: Frederic S. Mishkin, Stanley G. Eakins

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