You want to purchase a house for $150,000. You will make a down payment of 10...

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You want to purchase a house for $150,000. You will make a down payment of 10 percent of the value of the house and take out a mortgage for the remaining balance. A bank has offered you a traditional 25-year mortgage at 6.95 percent APR compounded semiannually. a) (5 points) How much will be your monthly payment under the terms specified above b) (4 points) Prepare an amortization schedule for the first two months under the terms specified above. Month 1 2 Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance c) (3 points) If you make regular monthly payments according to the terms specified above, how much money will you owe on your mortgage after ten years? d) (4 points) Now assume that instead of monthly payments specified in part (a), you decide to set-up your original mortgage with weekly payments. How much will be your weekly payment? You want to purchase a house for $150,000. You will make a down payment of 10 percent of the value of the house and take out a mortgage for the remaining balance. A bank has offered you a traditional 25-year mortgage at 6.95 percent APR compounded semiannually. a) (5 points) How much will be your monthly payment under the terms specified above b) (4 points) Prepare an amortization schedule for the first two months under the terms specified above. Month 1 2 Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance c) (3 points) If you make regular monthly payments according to the terms specified above, how much money will you owe on your mortgage after ten years? d) (4 points) Now assume that instead of monthly payments specified in part (a), you decide to set-up your original mortgage with weekly payments. How much will be your weekly payment?

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a To calculate the monthly payment P 150000 010 15000 down payment Principal loan amount 150000 1500... View the full answer