Question: Please show work using financial formula, thanks. 3. You are currently considering the purchase of a vacation home in the mountains. You have been pre-qualified

Please show work using financial formula, thanks.

3. You are currently considering the purchase of a vacation home in the mountains. You have been pre-qualified for a 15 yearfixed rate mortgage at 5.90%. The home costs $375,000 and you plan on making a down payment of 20% and financing the rest. a) (6 points) What is your monthly payment not including property taxes and insurance? b) (6 points) Amortize the first two monthly payments. Pmt # Interest Principal Remaining balance c) (2 points) How much in interest will you pay over the life of the loan if you keep the property for the whole 15 years

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