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Jane plans to buy a house in 10 years. The house she dreams about costs about...

Jane plans to buy a house in 10 years. The house she dreams about costs about $150,000 today. The cost of houses increases at 2.5% per year.

Jane will accumulate $100793.72 from her investment of 75,000 in 10 years. In addition, Jane needs to borrow $91218.96 additional money to purchase her house in 10 years.

a) Prepare an amortization table to pay off Jane’s mortgage, if she can borrow at an annual rate of 6.5% to pay off the mortgage quarterly in 5 years after buying the house.

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ekkarill92 answered 2 years ago
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