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Amortization Assignment Homework We borrow $450,000 from a bank to purchase a house. The loan is for 30 years (payments are monthly) and the fixed

Amortization Assignment

Homework We borrow $450,000 from a bank to purchase a house. The loan is for 30 years (payments are monthly) and the fixed interest rate charged is 5.25%. Problems: What are the periodic monthly payments? What is the principle balance after year 10? If an individual made an additional $100 payment per month, what would the principle balance be after year 10

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