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You plan to purchase a $ 1 4 0 , 0 0 0 house using a 1 5 - year mortgage obtained from your local

You plan to purchase a $140,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage.b. Construct the amortization schedule for the first six payments.

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