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Consider the following fixed-rate, level-payment mortgage: maturity = 120 months amount borrowed = $100,000 annual mortgage rate = 5% (a) Construct an amortization schedule for

Consider the following fixed-rate, level-payment mortgage: maturity = 120 months amount borrowed = $100,000 annual mortgage rate = 5%

(a) Construct an amortization schedule for the first 10 months with information on monthly interest and scheduled principal repayment.

(b)Without constructing an amortization schedule, what is the mortgage balance at the end of month 90 assuming no prepayments?

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