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1. You plan to purchase a $3,000,000 house using a 20-year Mortgage obtained from your bank. The Mortgage rate offered to you is 8.75%. You

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1. You plan to purchase a $3,000,000 house using a 20-year Mortgage obtained from your bank. The Mortgage rate offered to you is 8.75%. You will make a down-payment of 20% of the Purchase Price. A. What Is your down-payment amount? B. Calculate your monthly payments on this Mortgage? Over the lifetime, What is the Total Interest paid on this Mortgage? At the end of 12-years, after 144 payments, what is the Balance amount remaining in the Mortgage

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