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Consider the following fixed-rate, level-payment mortgage: maturity = 360 months amount borrowed = $100,000 annual mortgage rate = 10% (a) Construct an amortization schedule for

Consider the following fixed-rate, level-payment mortgage: maturity = 360 months amount borrowed = $100,000 annual mortgage rate = 10%

(a) Construct an amortization schedule for the first 10 months.

(b) What will the mortgage balance be at the end of the 10th month assuming no prepayments?

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