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b) a 15 year fixed rate mortgage 14. Please compute the monthly payment and principal amount outstanding at the end of years 1 and 2

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b) a 15 year fixed rate mortgage 14. Please compute the monthly payment and principal amount outstanding at the end of years 1 and 2 for a $300,000, 30 year floating rate mortgage where the contractual rate is 5% for the first year and 7% for the second year adjusted annually

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