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You take out an $80 000 mortgage at j2 = 9% with a 25-year amortization period. a) Determine the monthly payment required. (Rounded up to
You take out an $80 000 mortgage at j2 = 9% with a 25-year amortization period. a) Determine the monthly payment required. (Rounded up to the next dime.) Monthly payment $ b) Determine the reduced final payment. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Final payment c) Determine the total interest paid during the 4th year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Total interest paid d) At the end of 4 years, you pay down an additional $2500 (no penalty). i) How much sooner will the mortgage be paid off? (Round the final answer to the nearest whole month.) Mortgage be paid off months sooner. ii) What would be the difference in total payments over the life of the mortgage? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Difference in total payments You take out an $80 000 mortgage at j2 = 9% with a 25-year amortization period. a) Determine the monthly payment required. (Rounded up to the next dime.) Monthly payment $ b) Determine the reduced final payment. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Final payment c) Determine the total interest paid during the 4th year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Total interest paid d) At the end of 4 years, you pay down an additional $2500 (no penalty). i) How much sooner will the mortgage be paid off? (Round the final answer to the nearest whole month.) Mortgage be paid off months sooner. ii) What would be the difference in total payments over the life of the mortgage? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Difference in total payments
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