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You have agreed to take out a 15-year mortgage on a new condominium. The Principal value of the mortgage is $275,000 and the stated Annual

You have agreed to take out a 15-year mortgage on a new condominium. The Principal value of the mortgage is $275,000 and the stated Annual Percentage Rate is equal to 2.25%. Payments are due monthly. Answer the following four questions: a. What is your monthly mortgage payment for this mortgage agreement. b. How much of your fifth mortgage payment represents interest on the mortgage loan? c. How much of your tenth mortgage payment represent a payment reducing your loan principal value? d. What is the Equivalent Annual Interest Rate (EAIR) for this mortgage

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