Question: Mr. Smith is purchasing a $ 120000 house. The down payment is 20 % of the price of the house. He obtains a 15-year mortgage

Mr. Smith is purchasing a $ 120000 house. The down payment is 20 % of the price of the house. He obtains a 15-year mortgage at a rate of 7 %. Find: (i) the monthly payment: $ (ii) the amount of interest paid in the 60 th payment: $ iii) the portion of the 60 th payment that is applied to the balance: $ (iv) the loan balance immediately after the 60 th payment is made: $

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