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You plan to purchase a house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 2.40 percent.
You plan to purchase a house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 2.40 percent. The house is priced at $100,000 and you will make a down payment of 25 percent of the purchase price. 1. Calculate your monthly payments on this mortgage. Show your work (either formula or 5- key approach entries). 2. Construct the amortization schedule for the first two payments. (It might be easier if you put the table down into an word/excel file or a handwritten document)
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