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You plan to purchase a $260,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.70 percent. You
You plan to purchase a $260,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.70 percent. You will make a down payment of 30 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage? Complete this question by entering your answers in the tabs below. Req B1 Req A Amortization Req B2 Total Interest Schedule Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round your answe decimal places. (e.g., 32.16)) Month Ending Balance 1 2 Amortization Schedule for the 15-Year Mortgage Cumulative Cumulative Principal Interest Principal Interest 698.13 712.83 60,000.00) 712.83 700.86 710.10 703.61 707.35 1,399.97 10.99 1,405.46 5.50 181,301.87 180,601.01 179,897.40 1,405.46 3 179 180 0.00 This is a numeric cell, so please enter numbers only
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