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You have just purchased a property for $ 4 million, with 8 0 % financed through a 1 5 - year mortgage. The mortgage loan
You have just purchased a property for $ million, with financed through a year mortgage. The mortgage loan has fixed monthly payments, with the first payment due in exactly one month from now. The interest rate on the loan is compounded monthly. a How much is the monthly payment? marks b After years of repayments, what is the outstanding loan amount of your mortgage? marks c In your th mortgage repayment, how much is the interest payment and principal payment? marks
Be as detailed as possible. Thx
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