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Detective Allen Gamble is interested in buying a waterfront condo and has saved $100,000 for the down payment. His plans call for making additional monthly
Detective Allen Gamble is interested in buying a waterfront condo and has saved $100,000 for the down payment. His plans call for making additional monthly deposits into an investment account over the next 36 months. Allen Gamble wants to make the purchase 48 months from today and wants to have $200,000 saved up for the down payment. 4. What is the amount of each of the additional payments he must make for his plan to work out? Assume Allen can earn 2% annual return in his investment account. a. b. IfAllen takes out a 30-year, $720,000 mortgage at 4.5%, what will his c. Prepare an amortization schedule to prove that your answer is right d. IfAllen takes out a 20-year, $720,000 mortgage at 3.75%, what will e. Prepare an amortization schedule proving your answer in d mortgage payments be? and his mortgage will be paid off in 30 years. his mortgage payments be
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