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Use PMT = P ( r n ) [ 1 - ( 1 + r n ) - n t ] to determine the regular
Use PMT to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $year fixedrate mortgage at
a Find the monthly payments and the total interest for the loan.
b Prepare a loan amortization schedule for the first three months of the mortgage.
a The monthly payment is $
Do not round until the final answer. Then round to the nearest cent as needed.
The total interest for the loan is $
Use the answer from part a to find this answer. Round to the nearest cent as needed.
b Fill out the loan amortization schedule for the first three months of the mortgage below.
Use the answer from part a to find these answers. Round to the nearest cent as needed.
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