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Question 2. You have taken a $250,000, zero-points, 20-year mortgage with a Monthly Payment schedule. Mortgage principal Interest rate Mortgage term (years) Payments Points $250,000

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Question 2. You have taken a $250,000, zero-points, 20-year mortgage with a Monthly Payment schedule. Mortgage principal Interest rate Mortgage term (years) Payments Points $250,000 3.25% 20 Monthly ZERO a. What is the Monthly payment on this 20-year mortgage? b. What is the effective annual interest rate on this 20-year mortgage? c. What is the amount of monthly interest paid on the 15th Monthly payment on this 20-year mortgage? d. What is the reduction in the mortgage loan balance on the 25th Monthly payment on this 20-year mortgage

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