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2. (6 points) Suppose you want to purchase a house that costs $210,000. You have enough cash on hand to afford a 15% down-payment and

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2. (6 points) Suppose you want to purchase a house that costs $210,000. You have enough cash on hand to afford a 15% down-payment and you need to amortize the balance with monthly payments on a 30-year mortgage with an annual interest rate of 3.97%. The monthly payments are $849.10. a) If all scheduled payments are made on time, calculate the total amount that will be paid for the house. b) Complete the following amortization schedule for the first 2 monthly payments of this house: End of Period Interest Payment Equity Outstanding Balance

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