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4. You borrow $2500 at 5.86%, compounded quarterly. You make regular monthly payments of $300 a) Create an amortization table to show the loan. (3)

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4. You borrow $2500 at 5.86%, compounded quarterly. You make regular monthly payments of $300 a) Create an amortization table to show the loan. (3) Payment Period Payment (5) Interest Paid Principal Paid (5) Balance (5) b) How much interest do you end up paying? (1) 5. You are buying a house that costs $298 000. You will finance the purchase with a 25-year mortgage with an interest rate of 2.75%, compounded quarterly. You must make down payment of a) How much is the down payment? (1) b) How much will your monthly mortgage payments be? (1) c) How much will you end up paying for the house 11

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