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Please fill in the missing values You plan to purchase a $270,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered
Please fill in the missing values
You plan to purchase a $270,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.00 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage? Complete this question by entering your answers in the tabs below. Reg B ReqA Amortization Req B Total Schedule Interest Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for the 15-Year Mortgage Month Principal Cumulative Cumulative Interest Ending Principal Interest Balance 1 808.11 900.00 808.11 900.00 215,191.89 2 811.48 896.63 214,380.40 3 814.86 893.25 213,565.54 179 1,693.97 14.15 1,701.031 180 1,701.03 7.09 0.00Step by Step Solution
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