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Question - When Jane and Patrick Baker were "house hunting" five years ago, the fixed rate on a 30- year mortgage was 6% APR (Nominal Interest Rate) with monthly compounding. After walking through many homes, they finally reached a consensus and decided to buy a $500,000 home. The couple decided to put 20% down payment and took the 30-year mortgage with monthly payments.
1. What is Jane and Patrick's monthly mortgage payment?
2. Construct an amortization schedule in excel for the loan.
3. During the first 5 years, how much has the couple paid towards the mortgage?
4. What proportion of this was applied toward interest? What is the balance on their loan today?
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