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Suppose you need to borrow a mortgage of 80% of the sale price. Go to different bank websites to find a fixed rate loan option.

Suppose you need to borrow a mortgage of 80% of the sale price. Go to different bank websites to find a fixed rate loan option. Calculate your loan amortization table for first 12 months (Chapter 4), such as the following:

Property Purchased at $750,000

Interest Rate 4.25%

Month Beg. Loan Balance Monthly Payment Interest Amortization Ending Loan Balance
1 $750,500
2
3
4

If you only have the property for 5 years, what will be your mortgage outstanding balance?

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