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You have just purchased a property for $ 4 million, with 8 0 % financed through a 1 5 - yearmortgage. The mortgage loan has

You have just purchased a property for $4 million, with 80% financed through a 15-yearmortgage. The mortgage loan has fixed monthly payments, with the first payment due in exactlyone month from now. The interest rate on the loan is 7.2% compounded monthly.a) How much is the monthly payment? b) After 3 years of repayments, what is the outstanding loan amount of your mortgage?c) In your 37th mortgage repayment, how much is the interest payment and principal payment?

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