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Price: $362,000 Interest Rate: 5% Length of Mortgage: 30 years a. What is the monthly payment? What happens to the monthly payment if you get

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Price: $362,000 Interest Rate: 5% Length of Mortgage: 30 years a. What is the monthly payment? What happens to the monthly payment if you get an interest rate that is 1 percentage point higher (i.e. 3% 4%)? b. If you are 5 years into the mortgage, what is the remaining balance

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