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interest rate is 6 . 5 % , compounded monthly. ( a ) What will the Kim's monthly payment be ? ( b ) What
interest rate is compounded monthly.
a What will the Kim's monthly payment be
b What is the total interest the Kim family will pay over the year life of the loan?
c How much of their first payment, one month from now is for interest, and how much is applied against the principal of the loan?
d Set up a mortgage amortization table in Excel for the first year. Take a screenshotprintout and hand that in marks
e What is the balance owing on their loan after years?
f After years, how much of their next monthly payment is interest? How much is applied against the principal?
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