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Alex has applied for a $500,000 loan for his first installment of his new flat. The mortgage will be amortized over 25 years with monthly

Alex has applied for a $500,000 loan for his first installment of his new flat. The mortgage will be amortized over 25 years with monthly payments based on a nominal rate of 12% compounded monthly.

(a) What is the monthly payment of the mortgage?

(b) Find the outstanding principal of the loan after paying the 240th payment.

(c) Show the amortization schedule entries for the 241st and 242nd payments.

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