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What are the quarterly payments

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Question - Suppose you purchase a house for $200,000.00 by getting a mortgage for $180,000.00 and paying a $20,000.00 down payment.

i) If you get a 30-year mortgage with a 7% interest rate p.a. compounded quarterly, what are the quarterly payments?

ii) What would the loan balance be at the end of the first year?

Reference no: EM133028046

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