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Based on Exhibit 7-7, what would be the monthly mortgage payments for each of the following situations? (Round your answers decimal places.) a. A $160,500,

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Based on Exhibit 7-7, what would be the monthly mortgage payments for each of the following situations? (Round your answers decimal places.) a. A $160,500, 15-year loan at 5 percent. b. A $215,500, 30-year loan at 5.5 percent. C. A $191,000, 20-year loan at 5 percent. Term Rate 30 Years 25 Years 20 Years 15 Year 3.0% $4.22 $4.74 $5.55 $6.91 Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) 4.49 5.80 501 5.28 4.0 4.77 6.06 7:40 45 507 633 7.53 5.56 5.85 5.0 5.37 6.60 7.91 5.5 5.68 6 88 81 6.14 6.44 6.0 6.00 7.16 8.44 65 6.32 6.75 746 867 7.0 6.65 7.07 7.75 8.99 6.99 7:39 75 BO 8.06 8.36 7.34 7.72 9.56

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