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Suppose that a 15-year mortgage loan for 200 00o USD is obtained. The mortgage is a level-payment, fixed rate, fully amortized mortgage. The mortgage rate

Suppose that a 15-year mortgage loan for 200 00o USD is obtained. The mortgage is a level-payment, fixed rate, fully amortized mortgage. The mortgage rate is 7%.

a.Compute an amortization schedule for the first six months.

b. What will the mortgage balance be at the end of 15th year?

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