Question: 2. You plan on purchasing a $650,000 home. You'll put 20% down and borrow the balance (15 points 5/5/5) from Santander Bank. You borrow the

2. You plan on purchasing a $650,000 home. You'll put 20%

2. You plan on purchasing a $650,000 home. You'll put 20% down and borrow the balance (15 points 5/5/5) from Santander Bank. You borrow the money on a 30-year loan with an APR of 6.5%. a. What is your monthly mortgage? N = PMT = FV = I = PV = P/Y = b. Five years later, what is the balance on the loan? N = I = PV = PMT = FV = P/Y = C. In the first five years, how much interest did you pay

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