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Consider the following fixed - rate, level - payment mortgage: maturity = 3 6 0 months amount borrowed = $ 4 0 0 , 0

Consider the following fixed-rate, level-payment mortgage: maturity =360 months amount borrowed = $400,000 annual mortgage rate =7%
a. What is the monthly mortgage payment?
b. What would the remaining mortgage balance be at the end of the 25th month?
c. What is the portion of the monthly mortgage payment that is the scheduled principal payment for month 12?

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