Question: You plan to purchase a $ 220,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.75 percent.

You plan to purchase a $ 220,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 4.75 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 mortgage. How much total interest is paid on this mortgage?

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You will make a down payment of 20 percent of the purchase price or you will make a down payment of 44000 020 x 220000 at closing and borrow 176000 through the mortgage a For your mortgage 176000 PMT1 ... View full answer

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