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Fixed-rate mortgage with annual interest

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Reference no: EM133436529

Question

You purchase a $300,000 townhome and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.75 percent. You need to show steps to get full credit.

1. What's your monthly payment?

2. After five years, what is the remaining balance of your mortgage loan?

Reference no: EM133436529

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