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You plan to purchase a $100,000 house using a 1- year mortgage obtained from your local credit union. The mortgage rate offered to you
You plan to purchase a $100,000 house using a 1- year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. a) Calculate your monthly payments on this mortgage b) Calculate the amorttization schedule for a 1- year mortgage. c) Calculate the amount of interest paid over the life of this mortgage.
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