Question: You plan to purchase a $ 150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is

You plan to purchase a $ 150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.25 percent. You will make a down payment of 20 percent of the purchase price.
a. Calculate your monthly payments on this mortgage.
b. Construct the amortization schedule for the first six payments.

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