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EZ - Michael and Sandra Brown just contracted to buy a new house for $750,000.00. They decided to put 20% as a down payment and

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EZ - Michael and Sandra Brown just contracted to buy a new house for $750,000.00. They decided to put 20% as a down payment and finance the rest with a bank. They chose a 15-year mortgage option at a fixed rate of 5.00%. Please calculate o Their monthly payment, and What their balance principal will be after making their third mortgage payment. (Please show all calculations). (15 points)

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