Calculate the amount of interest and principal paid

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Reference no: EM131339661

You plan to purchase a $230,000 house using a 15-year mortgage obtained from Ing Direct.. The mortgage rate offered to you is 3.25%. You will make a down payment of 25% of the purchase price.

a. Calculate your monthly payments on this mortgage.

b. Calculate the amount of interest and principal paid in the 36th payment.

Reference no: EM131339661

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