Question: 5. You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you

5. You plan to purchase a $200,000 house using a 30-year mortgage

5. You plan to purchase a $200,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.50 percent. You will make a down payment of 20 percent of the purchase price. (LG 7-4) a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments.

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