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Consider a mortgage loan of $940,000 taken at time t=0 at the fixed interest rate of r=0.09 per year. It must be amortized in equal
Consider a mortgage loan of $940,000 taken at time t=0 at the fixed interest rate of r=0.09 per year. It must be amortized in equal monthly payments for 15 years. a) Set up the difference equation of the model b) What is the amount of each payment? c) How much interest is paid and how much principal in the first payment?, How much interest is paid and how much principal in the last payment?
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