Question: *work this question WITHOUT using Excel* You purchase a house that costs $625,000 with an 8%, 30-year mortgage. You make a 20% down payment to

*work this question WITHOUT using Excel*

You purchase a house that costs $625,000 with an 8%, 30-year mortgage. You make a 20% down payment to avoid PMI insurance.

1)What is your monthly payment?

2) Further, suppose you maintain the same payments as in (1), i.e. pre-pay on the principal, how many YEARS until you payoff the mortgage?

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