Conventional mortgage with interest rate

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Reference no: EM131581610

Charlie took on a 20 year conventional mortgage with interest rate = 5%. His required monthly payment is $1, 120. Instead of making only the required monthly payment amount, Charlie has been paying $1, 300 per month since the very first month and intends on doing so until the mortgage is paid off. Write out the amortization table for Charlie for his first payment and his very last payment.

Reference no: EM131581610

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