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1 . In April you get a $ 2 0 0 , 0 0 0 mortgage loan for 1 5 years at an interest rate

1. In April you get a $200,000 mortgage loan for 15 years at an interest rate of 53/8%. The first monthly payment is due May 1st.
a. What is your balance after payment 1?
b. What is the principal amount of payment 18?
c. What is the interest amount of payment 120?
d. What is the amount of your final payment?
e. What amount of interest can you deduct from your income tax at the end of the calendar year?

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