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You decide to buy a house costing $ 5 , 0 0 0 , 0 0 0 . You pay $ 1 , 0 0

You decide to buy a house costing $5,000,000.You pay $1,000,000 down, and the remainder will be paid in monthly installments over 30 years at 3.5% compounded monthly. What is the monthly payWhat is the equity after making the 100
th payment?ment? What is the outstanding balance after making the 100th payment? How much of the 100 th payment will go to principal and how much to interest? How much interest will paid over the entire length of the loan?

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