You and your spouse are considering purchasing your first new house. The house price is $300,000. You will make 10% down payment. The remaining balance can be financed with a 30 year mortgage loan with an annual interest of 6%.

A. What is the monthly mortgage payments?

B. How much do you need if you are to pay off the loan after 5 years (right after the 60th payment)?

C. How much interest (in $) will you save from paying the loan off early?

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