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You plan to purchase a $ 2 4 0 , 0 0 0 house using a 3 0 - year mortgage obtained from your local

You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 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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