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Suppose you borrowed a mortgage loan of $750,000 at a rate of 6% and must repay it in equal installments at the end of each
Suppose you borrowed a mortgage loan of $750,000 at a rate of 6% and must repay it in equal installments at the end of each month of the next 30 years.
1. How much principal did you pay off during the second year?
2. How much interest would you have to pay during the first five year?
3. How much would you still owe after Year 10?
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