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Calculate the monthly mortgage payment

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Reference no: EM133057493

You have arranged for a $100,000.00 mortgage to buy a property. The mortgage has an annual interest rate of 4.8% compounded monthly and is amortized over 25 years of monthly payments where the payments are paid at the end of the month.

a) What is the annual effective interest rate, to 2 decimal places, on this mortgage?

b) Calculate the monthly mortgage payment.

c) After five years of payments, how much will you have paid?

d) After five years of payments, how much principal will you have re-paid?

e) What portion of the 61st payment will be interest?

Reference no: EM133057493

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