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Ex4: A real estate speculator purchases a tract of land for $1 million and assumes a 25-year mortgage at 4.2% interest compounded monthly. a) What

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Ex4: A real estate speculator purchases a tract of land for $1 million and assumes a 25-year mortgage at 4.2% interest compounded monthly. a) What is his monthly payment? b) Suppose that at the end of 5 years the mortgage changed to a 10-year term for the remaining balance. What is the new monthly payment? c] Suppose that after 5 more years, the mortgage is required to be repaid in full. How much will then be due

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