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A borrower has taken out a 10-year mortgage for $102,000 at an annual rate of 8%. For part A: What would their monthly payment be
A borrower has taken out a 10-year mortgage for $102,000 at an annual rate of 8%. For part A: What would their monthly payment be for this mortgage? Use the table below. For part B: What would be the first three lines of an amortization schedule for this mortgage? For part C: If the borrower decided to pay an extra $150 per month to pay off the mortgage more quickly, what would the new first three lines of the payment schedule be under this assumption?
a.Use the table to find the monthly payment for this mortgage.
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