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Your uncle will finance $ 3 8 2 , 0 0 0 for a new home...assuming a 1 5 year mortage, compounded monthly at the

Your uncle will finance $382,000 for a new home...assuming a 15 year mortage, compounded monthly at the 6.8% APR. Compute the following: a. His monthly payment b. Amortization schedule for entire 180 months. c. The EAR of the 6.8% APR and its significance (verbal). Assuming in Q1 your uncle re-finances his mortgage in 4 years, when the APR on a new 15- year loan is 4.8%, please re-compute his monthly PMT...using the initial loan (PV) amount as being the ending balance from the original loan (48th month).

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