What are the quarterly payments

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Reference no: EM133034944

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

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

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

Reference no: EM133034944

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