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You plan to purchase a $220,000 house using a 15-year Mortgage obtained from your bank. The Mortgage rate offered to you is 4.75%. You will

You plan to purchase a $220,000 house using a 15-year Mortgage obtained from your bank. The Mortgage rate offered to you is 4.75%. You will make a down-payment of 20% of the Purchase Price.

a. What Is your down-payment amount?

b. Calculate your monthly payment amount for this Mortgage?

c. Over the lifetime of the Mortgage, What is the Total Interest Paid on this Mortgage?

d. At the end of 10-years, after 120 payments, what is the Balance amount remaining in the Mortgage?

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