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A fully amortizing mortgage loan is made for $92,000 at 6 percent interest for 25 years. Payments are to be made monthly. Required: a. Calculate
A fully amortizing mortgage loan is made for $92,000 at 6 percent interest for 25 years. Payments are to be made monthly. Required: a. Calculate monthly payments. b. Calculate interest and principal payments during month 1 . c. Calculate total principal and total interest paid over 25 years. d. Calculate the outstanding loan balance if the loan is repaid at the end of year 10 . e. Calculate total monthly interest and principal payments through year 10 . f. What would the breakdown of interest and principal be during month 50 ? Complete this question by entering your answers in the tabs below. Calculate monthly payments. (Round your final answer to 2 decimal places.)
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