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You have decided to purchase a house for $400,000 and you are evaluating your options the mortgage. Assume that your down payment will be 20%

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You have decided to purchase a house for $400,000 and you are evaluating your options the mortgage. Assume that your down payment will be 20% of the purchase price, ayment will be made monthly, and the first payment will be made one month from today. A). What is the mortgage amount? R>0 B). If you select the 30 year mortgage, interest rate will be 5% annually. What is the monthly payment? C). Supposed the bank is also offering a 15 year mortgage at 4.625% annually. What is the monthly payment on this mortgage? D). What is the total of all payments for each mortgage? What is your savings over the traditional 30 year mortgage? E. EXTRA CREDIT (15 Points) Now assume you take the 30 Year mortgage at 5%. What is the split between interest and principal for your 289th payment and how much interest have you paid today as of the 289 payment

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