Estimate monthly payments on the mortgage

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Reference no: EM132074843

Question: You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mort- gage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. (LG 7-4)

a. Calculate your monthly payments on this mortgage.

b. Calculate the amount of interest and, separately, princi pal paid in the 25th payment.

Reference no: EM132074843

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