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(7.) Suppose that a 15 -year mortgage loan for $200,000 is obtancu. level-payment, fixed-rate, fully amortized mortgage. The mortgage rate is 7.0% and the monthly
(7.) Suppose that a 15 -year mortgage loan for $200,000 is obtancu. level-payment, fixed-rate, fully amortized mortgage. The mortgage rate is 7.0% and the monthly mortgage payment is $1,797.66. a. Compute an amortization schedule for the first six months. b. What will the mortgage balance be at the end of the 15th year? c. If an investor purchased this mortgage, what will the timing of the cash flow be assuming that the borrower does not default
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