A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the

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A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments.

i. Fill out the loan amortization schedule provided in the solution template for the first 5 loan payments. What do you notice about the composition of the payment amount?

Posted Date: May 19, 2024 03:03 PM

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A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the

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