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You borrow $100,000 using a 30-year fixed rate mortgage with monthly payments. The stated annual interest rate is 10% with monthly compounding. The first payment

You borrow $100,000 using a 30-year fixed rate mortgage with monthly payments. The stated annual interest rate is 10% with monthly compounding. The first payment is due in one month (i.e., t = 1; today is t = 0).

Question 3 Calculate the monthly payments.

Question 4 Calculate the interest for the second payment.

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