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page 231 problems 1.You pan to purchase a $100,00 home using a 30-year mortgage obtained from...

page 231 problems

1.You pan to purchase a $100,00 home using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25%. You will make a down payment of 20 percent of the purchase price.

Calculate your monthly payments on this mortgage

Calculate the amount of interest and, separately, principal paid in the 25^th payment.

Expert Solution

jeff jeffy answered 2 years ago

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