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You have just made an offer on a new home and are seeking a mortgage. You need to borrow $627,000. a. The bank offers a

You have just made an offer on a new home and are seeking a mortgage. You need to borrow $627,000.

a. The bank offers a 25-year mortgage with fixed monthly payments and an interest rate of 0.46 % per month. What is the amount of your monthly payment if you take thisloan? (Round to the nearestcent.)

b. Suppose you take the 25-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years? (Round to the nearestcent.)

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