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Please help with explanations and answers. This is an economic concept question. Suppose you take out a30year mortgage for $490000 at an annual interest rate

Please help with explanations and answers. This is an economic concept question.

Suppose you take out a30year mortgage for $490000

at an annual interest rate of5.0%.

Question 1

What is your monthly payment?

Question 2

How much will you owe after one payment?

Question 3

How much will you owe after five years of payments?

Suppose your house is valued at $370000inten years.

Question 4

What is the difference between your house value and what you owe on the house at that time?

Note: House Value minus what you owe.

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