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You are buying a home for $400,000. Consider the following: (a) If you make a down payment of $100,000 and take out a mortgage on

You are buying a home for $400,000. Consider the following:

(a) If you make a down payment of $100,000 and take out a mortgage on the rest of the money at 9% compounded monthly, what will be your monthly payment to retire the mortgage in 15 years?

(b) Consider the seventh payment. How much will the interest and principle payments be?

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