Question: On December 3 1 , 1 9 9 6 , a house was purchased with the buyer taking out a 3 0 - year, $
On December a house was purchased with the buyer taking out a year, $ mortgage at interest compound monthly. The mortgage payment is made at the end of each month.
Calculate the amount of monthly payment.
Calculate the unpaid balance of the loan on December just after the th payment.
How much interest will be paid during January
How much of the principle will be paid off during the year
How much interest will be paid during the year
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