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Question 1. You have taken a $250,000, zero-points, 20-year mortgage with an Annual Payment schedule. Mortgage principal Interest rate Mortgage term (years) Payments Points $250,000

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Question 1. You have taken a $250,000, zero-points, 20-year mortgage with an Annual Payment schedule. Mortgage principal Interest rate Mortgage term (years) Payments Points $250,000 3.25% 20 Annual ZERO a. What is the annual payment on this 20-year mortgage? b. What is the effective annual interest rate on this mortgage

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