Question: Answer this question showing you full steps You have decided to take out a mortgage of $550,000, paid off monthly at 5% interest compounded monthly

Answer this question showing you full steps

You have decided to take out a mortgage of $550,000, paid off monthly at 5\\% interest compounded monthly for 25 years. a) What would your monthly payments be? b) What would your monthly payments be IF you save up 20% for a down payment first? c) What is the difference in interest paid over the life of the mortgage in option a) versus option b)

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