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Mike qualifies to borrow $120,000 on a mortgage at 9 percent for 30 years, monthly payments. What is his monthly payment? How much interest does
- Mike qualifies to borrow $120,000 on a mortgage at 9 percent for 30 years, monthly payments.
- What is his monthly payment?
- How much interest does Mike pay in the first month of the loan?
- How much interest does he pay in the first year of the mortgage?
- If he decides to repay the mortgage at the end of year 3, what is the outstanding balance at that time?
- How much total interest does he pay over this 3-year period?
The correct answer is below, I just need to know how to solve on a financial calculator
a. PMT=$965.55
- INT=$900
- INT=$10,766.66
- $117,303
- $32,062.80
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