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Problem 1: You get a 15 year, 6% fixed-rate mortgage with one point, borrowing $300,000. a. what are your initial payments? b. what is the

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Problem 1: You get a 15 year, 6% fixed-rate mortgage with one point, borrowing $300,000. a. what are your initial payments? b. what is the loan's APR? C. suppose you prepay after 8 years, what is the outstanding loan balance? d. if you do prepay after 8 years, what is the effective interest rate? Problem 1: You get a 15 year, 6% fixed-rate mortgage with one point, borrowing $300,000. a. what are your initial payments? b. what is the loan's APR? C. suppose you prepay after 8 years, what is the outstanding loan balance? d. if you do prepay after 8 years, what is the effective interest rate

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