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1. Mary wants to buy a house. The house costs $700,000. She will make a 20% down payment. She will have a 30 year mortgage

1. Mary wants to buy a house. The house costs $700,000. She will make a 20% down payment. She will have a 30 year mortgage at an interest rate of 5%.

a) Make an amortization schedule for the first 5 periods (not years) of her loan.

b) Assuming she follows her amortization schedule, what will be the total interest she will pay for her home after 30 years?

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