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5. Total-3 Points Suppose you take out a mortgage of $500,000 with monthly payments and an interest rate of 9% (EAR) and a term of

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5. Total-3 Points Suppose you take out a mortgage of $500,000 with monthly payments and an interest rate of 9% (EAR) and a term of 20 years. a. What is the total amount you paid in interest over the loan term? (1-point) b. What is the total amount of interest paid after having made five loan payments? (1point) c. What is the outstanding balance after having made 13 payments? (1 -point)

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