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14) and 15) You just purchased a house for $200,000. The bank requires a down payment of 25%, and they will lend you the

 

14) and 15) You just purchased a house for $200,000. The bank requires a down payment of 25%, and they will lend you the remainder as a 20-year monthly payment mortgage with a fixed rate of 6%. The mortgage will be paid monthly and your tax rate is 30%. Please fill in the following chart: (counts as 2 problems) Month Prin. at Beginning Monthly Payment Interest Paid Prin. Repaid Tax Benefit Prin. at End Month 1

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