A young executive is going to purchase a vacation property for investment purposes. She needs to borrow
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Question:
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $81,000.00 for 25 years at a 4.4% annual interest rate, with interest compounded monthly, and will make monthly payments of $445.64. (Round all answers to 2 decimal places.)Create an amortization table to answer the following:
a) What is the unpaid balance after 12 months? $
b) Over the 12 months in part (a), how much total interest did she pay?$
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