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6. You decide to buy a house. The house costs $450,000. You'll put $100,000 down and borrow the rest. The mortgage is 30 years, has
6. You decide to buy a house. The house costs $450,000. You'll put $100,000 down and borrow the rest. The mortgage is 30 years, has level (equal) monthly payments and an interest rate of 4.2%. a. (2 points) What is the monthly mortgage payment? b. (3 points) How much principle will you repay as part of the second payment? C. (3 points) How much will you still owe on the mortgage immediately after making the 24th payment? (Note: Do NOT crank through the amortization table for this. It's only 3 points. You can spend your time more productively elsewhere.)
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