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You want to purchase a new condo that costs $287,500. Your plan is to pay 25% down in cash and finance the balance over 15

You want to purchase a new condo that costs $287,500. Your plan is to pay 25% down in cash and finance the balance over 15 years at 3.75% annual interest rate.

1. What will be your monthly mortgage payment including principal and interest?

2. What will be the total amount of interest paid over the life of the loan?

3. What will be the principal balance on the loan at the end of year 11?

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