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You plan to purchase a $380,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.80 percent. You
You plan to purchase a $380,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.80 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage? Complete this question by entering your answers in the tabs below. Reg A Req B Amortization Schedule Req B Total Interest Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Monthly payment S 2,372.46 Rec ReqB Amortization Schedule > Complete this question by entering your answers in the tabs below. Reg A Red B Amortization Schedule Req B Total Interest Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round yo decimal places. (e.g., 32.16)) Month Ending Balance 1 Amortization Schedule for the 15-Year Mortgage Cumulative Principal Cumulative Interest Principal Interest 304,000.00 302.843.54 301,682.45 4,716.60 2,363 01 2 3 179 180 a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage? Complete this question by entering your answers in the tabs below. ReqB Req A Amortization Schedule Req B Total Interest How much total interest is paid on this mortgage? (Do not round intermediate calculations. Round your answer to 2 places. (e.g., 32.16)) Total interest is paid on this mortgage UL
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