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solve the amortization problem please , thank you! Amortization The Hogansons purchase a new home for $195,000. They make a 25% down 2. Joanna uses
solve the amortization problem please , thank you!
Amortization The Hogansons purchase a new home for $195,000. They make a 25% down 2. Joanna uses her credit card to finance a $500 purchase. Her card charges payment and finance the remainder with a 30 year mortgage at an annual interest rate of 5.2%, compounded monthly. an annual interest rate of 22.75%, compounded monthly, and assumes a 10 year term. Assume that Joanna makes no further purchases on her credit (a) Find the Hogansons' monthly mortgage payment. card. (a) Find Joanna's monthly credit card payment. (b) Assume that the Hogansons make every payment for the life of the (b) Assume that Joanna makes every payment for the life of the loan. Find loan. Find their total payments. her total payments. (c) How much interest do the Hogansons pay over the life of the loan? (c) How much interest does Joanna pay over the life of the loanStep by Step Solution
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