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Compute Sarah Jean monthly mortgage payments

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Reference no: EM132697280

Problem - When Sarah Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000. The mortgage has a fixed interest rate of 6 percent compounded monthly.

Required -

(a) Compute Sarah Jean's monthly mortgage payments.

(b) If Sarah Jean wants to pay off her mortgage today, for how much should she write a check? She made her most recent mortgage payment earlier today.

Reference no: EM132697280

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