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You plan to purchase an $50,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 7.5 percent.
You plan to purchase an $50,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 7.5 percent. You will make a down payment of 10 percent of the purchase price. 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 $ Calculate the amount of interest and, separately, principal paid in the 120th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amount of interest $ Amount of principal $ Calculate the amount of interest and, separately, principal paid in the 150th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amount of interest $ Amount of principal $ Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Amount of interest paid $
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