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You plan to purchase a $300,000 house using a mortgage obtained from your bank. The Mortgage rate offered to you is 4.50 percent for a
You plan to purchase a $300,000 house using a mortgage obtained from your bank. The Mortgage rate offered to you is 4.50 percent for a 15 year Mortgage. You will make a down payment of 20 percent of the purchase price. Either using formula or Excel, calculate: A. Calculate your monthly payments on this mortgage? B. What is your loan balance at the end of 4 years (48 payment)? C. What is your loan balance at the end of 10 years (120 payments)? D. What is the total interest you will be paying on this mortgage? Show all your calculations if you want partial credit
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