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Problem 1 Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5% 1.What is the total payment in the

Problem 1

Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5%

1.What is the total payment in the 180^thmonth?

2.What is the outstanding balance at the end of 10 years (120 months)?

3.What is the total interest payment during the entire loan term (180 months)?

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