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16 please Pml 1, Bal Bal, Pmt 77 16. You get a 20-year $600,000 mortgage loan at 7.5% interest. Use your financial calculator to determine
16 please
Pml 1, Bal Bal, Pmt 77 16. You get a 20-year $600,000 mortgage loan at 7.5% interest. Use your financial calculator to determine your monthly payment. Then, assuming your first payment is due March 1, find interest, principal, and remaining balance for each of the first 3 calendar-years. For Problems 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest Int all 25 Yrs 263 Final Pmt 16. Yr 1 Int A 17. Calculate the monthly payment (PD). Prin Bal 18. Based on making 360 payments of $613.96, what is the total interest over the 30 years? Yr 2 Int Prin Bal 19. Use your amortization registers to calculate (a) interest for the entire 30 years and (b) balance after 360 payments of $613. 20. Compare the total interest of Problem 18 with the total interest of Problem 19. If there is a difference, explain which answer is correct, and why. E 21. After making payments for 10 years, what is your balance? Yr 3 Int Prin BalStep by Step Solution
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