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Suppose you borrowed a 30-year mortgage of $300,000 ten years ago at the xed interest rate 6%. The interest rate is compounded monthly, and the

Suppose you borrowed a 30-year mortgage of $300,000 ten years ago at the xed

interest rate 6%. The interest rate is compounded monthly, and the mortgage

payment is at the end of each month.

(a)

What is the remaining principal now?

(b)

Suppose the interest rate is still 6% today. How much interest you can

save if you decides to pay back the loan in the next 10 years.

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