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A 15 -year $200,000 mortgage has a fixed mortgage rate of 3.40 percent. Below is a section of the loan amortization schedule. a. Show calculations
A 15 -year $200,000 mortgage has a fixed mortgage rate of 3.40 percent. Below is a section of the loan amortization schedule. a. Show calculations for how the split of the monthly payment into interest payment and principal repayment is determined for payment \#25 (row highlighted in bold). [4 points] b. Show how the ending balance is calculated for the 25th installment. [ 1 point]
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