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You are applying for a mortgage loan at 5 . 7 5 % over 3 0 years with monthly payments. The home you are considering

You are applying for a mortgage loan at $5.75 %$ over $30$ years with monthly payments. The home you are considering is at a price of $ $229, 000 .$ Lenders are offering $80 %$ loan to value mortgages to you.

a. What will be your monthly mortgage payment for principal and interest?

b. What will be the balance of the loan after you have paid for a full $10$ years?

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