Question: You plan to purchase a $ 1 0 0 , 0 0 0 house using a 1 - year mortgage obtained from your local credit

You plan to purchase a $100,000 house using a 1-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price.
a) Calculate your monthly payments on this mortgage
b) Calculate the amortization schedule for a 1-year mortgage.
c) Calculate the amount of interest paid over the life of this mortgage.

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