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You just found the house of your dreams. The price of the house is $500,000. You have been qualified to get a morlagage loan with
You just found the house of your dreams. The price of the house is $500,000. You have been qualified to get a morlagage loan with AAA Bank. The mortgage loan is for years at an annual interest rate of 24% Part (AX How much are your monthly payments for the loan? Part (B) What is the balance of the mortgage kan afler2 year(s) of payments? Part (C): After 2 years of payments, you want to add extra money to the monthly payments so that you will be able to pay off the mortgage loan in 5 years. How much do you have to add to your previously computed monthly payments in order to accomplish this? .UZ (Round w w GOTA PIA.88 numerem. Donem symburu example, answer 18 2.45 percen, En 2.45) How much is the monthly payment for the mortgage loan? $ 10,087.04 (Round to two decimal places and make your your answer has two decimals. Do not enter S and use commas separate thousands. For example if the answer is $1,000 20 then enter 1,000.20) Components to arrive to the answer to part (B): To compute the balance of the mortgage loan after 2 years), what is the value of n (number of periods) to use? periods After 2 years, what is the balance of the mortagage loan? $(Round to two decimal places and make your your answer has two decimals. Do not enters and use commas to separate thousands. For example if the answer is $1,000.20 then enter 1,000.20) Components to arrive to the answer to part (C). These calculations are after you have made payments for 2 year(s). What is the value of n in the calculations of the new monthly payments? periods How much are the new monthly payments (in order to pay off the loan in 5 years? $ After 2 years of payments, you want to add extra money to the monthly payments so that you will be able to pay off the mortgage loan in 5 years. How much do you have to add to your previously computed monthly payments in order to accomplish this? $(Round to two decimal places.)
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