You borrowed $325000 using a 30- year fixed rate mortgage with a 5.25% interest rate: A) What

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You borrowed $325000 using a 30- year fixed rate mortgage with a 5.25% interest rate:

A) What is your schedule monthly payment?

B) What is the amount of interest and principal paid with the first schedule payment, and what is the mortgage balance remaining after making the first payment?

C) What is the mortgage balance after making your scheduled payment for 5 years?

D) If you pay off your loan after 5 years, what is the total amount of interest you paid? Can someone please help me solve the questions?

Related Book For answer-question

Financial Algebra advanced algebra with financial applications

ISBN: 978-0538449670

1st edition

Authors: Robert K. Gerver

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Posted Date: May 18, 2023 02:32 AM

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You borrowed $325000 using a 30- year fixed rate mortgage with a 5.25% interest rate: A) What

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Expert Answer:

Sure I can help you with the calculations To answer your questions well need to use a mortgage amortization formula Here are the stepbystep calculations A Monthly Payment Calculation To calculate the ... View the full answer

Financial Algebra advanced algebra with financial applications

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