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Solve the problem below: Section 5 - Mortgage Calculation Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your rate of 3.93% with a
Solve the problem below:
Section 5 - Mortgage Calculation Instructions Find the MONTHLY mortgage PAYMENT of stress tested(+2%) on your rate of 3.93% with a 25 year amortization mortgage. You will use the mortgage amount from previous sections. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 8 Months. Input all the TVM variables and answers into the fields below. Mortgage Amount From Previous Question Amortization $449540 25 Years P/Y - C/Y Present Value of (PV P1 Months P2 Months Number of Periods (N) Monthly Payment (PMT) BALANCE OWING (BAL) Mortgage Rate As % (1/Y) Value At End of Loan (FV) PRINCIPAL PAID (PRN) Section Value: 7 INTEREST PAID (INT) Submit AnswersStep by Step Solution
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