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Jenny buys a house at $750,000. The down payment is 20% of the house price. She receives a 20-year residential mortgage to pay the left
Jenny buys a house at $750,000. The down payment is 20% of the house price. She receives a 20-year residential mortgage to pay the left 80% of the house price. This is a standard monthly constant payment fully amortized mortgage. The mortgage rate is 5.5%. Please find the monthly payment, balance at the end of year 5, and calculate the interest she will pay interest during the first five years?
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