Question: You plan to purchase an $ 1 0 0 , 0 0 0 house using a 1 5 - year mortgage obtained from your local
You plan to purchase an $ house using a year mortgage obtained from your local bank. The mortgage rate offered to you is percent. You will make a down payment of percent of the purchase price.
a Calculate your monthly payments on this mortgage.
b Calculate the amount of interest and, separately, principal paid in the th payment.
c Calculate the amount of interest and, separately, principal paid in the th payment.
d Calculate the amount of interest paid over the life of this mortgage.
For all requirements, do not round intermediate calculations. Round your answers to decimal places. eg
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