You have decided to purchase a house and will take a 30-year fixed rate mortgage for...
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You have decided to purchase a house and will take a 30-year fixed rate mortgage for $425,000 to be repaid with equal monthly payments. You are told that ¿(12)=0.048. (1) (3 points) What is your mortgage payment? (2) (4 points) How much principal is repaid in the 35th payment? (3) (3 points) How much interest do you pay over the entire loan? You have decided to purchase a house and will take a 30-year fixed rate mortgage for $425,000 to be repaid with equal monthly payments. You are told that ¿(12)=0.048. (1) (3 points) What is your mortgage payment? (2) (4 points) How much principal is repaid in the 35th payment? (3) (3 points) How much interest do you pay over the entire loan?
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principal repaid in the 35th payment and total interest paid over the entire loan for a 30year fixed... View the full answer
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