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1 . The Mullen s recently bought a vacation property. The property was valued at $ 3 2 4 , 0 0 0 . They

1. The Mullens recently bought a vacation property. The property was valued at $324,000. They made a down payment of $30,000 and financed the balance at 5.15% compounded semi-annually. The agreement requires end-of-month payments for 25 years and is renewable after four years.
a. What is the size of each monthly payment? [3 marks]
b. Prepare an amortization schedule for the first four years of the loan. Make sure your payment is rounded to the nearest cent. Express totals at the bottom of each column as currency. [4 marks]
c. Include a slicer for your schedule that leaves only the first 5 and last 5 payments of this term visible. [3 marks]

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