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You are considering buying a house with a listed price of $ 4 0 0 , 0 0 0 . After doing some research, you
You are considering buying a house with a listed price of $ After doing some research, you have concluded that a year fixedrate mortgage is the best option for you. The bank requires you to put a down payment equal to of the value of the house. You plan to use your savings to meet the down payment and borrow the balance from the bank. The banks annual interest rate for a year fixedrate home mortgage is Both interest and principal are payable at the end of each month.
Please do:
Prepare a complete mortgage amortization schedule for this house purchase in Excel. It should show the mortgage, interest, and principal payments and the principal balance remaining at the end of each month.
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