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You plan to purchase an $130,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.75 percent.
You plan to purchase an $130,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.75 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. Monthly payment $ 610.33 Calculate the amount of interest and, separately, principal paid in the 240th payment. Amount of interest $ Amount of principal $ c. Calculate the amount of interest and, separately, principal paid in the 270th payment. Amount of interest $ Amount of principal $ d. Calculate the amount of interest paid over the life of this mortgage. Amount of interest paid $
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