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a ) Blended paymentPART E: Instalment Notes Payable J&J ' s obtained a mortgage to purchase the land for the new expansion. The mortgage that
a Blended paymentPART E: Instalment Notes Payable
J&Js obtained a mortgage to purchase the land for the new expansion. The mortgage that
they acquired has a principal amount of $ a fixed annual interest rate of and an
amortization period of years. The bank has given them the option between fixed principal
payments and a blended principal and interest payment.
a The fixed payment will be $ of principal payment each month the interest will be
added on top Prepare an amortization schedule for the first payments using this
method.
b The blended payment will be $ of principal AND interest each month. Prepare
an amortization schedule for the first payments using this method.
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