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please show work and do a-d 3. Suppose that you take a 30-year mortgage loan to purchase a new home for $200,000. The nominal annual
please show work and do a-d
3. Suppose that you take a 30-year mortgage loan to purchase a new home for $200,000. The nominal annual mortgage rate is 4.8% compounded monthly. All payments are made at the end of each month. a) Find the monthly payment. b) Find the outstanding balance at the end of 11th year. c) Find the total interests paid during the 8th year. d) Find the total interests paid for the 30-year term Step by Step Solution
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