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Answer Without Excel You take a 40-year, $300,000 mortgage with monthly payments and an APR of 2.7% (with monthly compounding). a. What is the monthly

Answer Without Excel

You take a 40-year, $300,000 mortgage with monthly payments and an APR of 2.7% (with monthly compounding).

a. What is the monthly payment on this mortgage?

b. After 60 months of payments, how much do you still owe on your mortgage? (Answer without using the mortgage amortization schedule.)

c. How much of your 61st payment is interest, and how much is repayment of principal?

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