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What is the amount of your monthly payment

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Question - You have just made an offer on a new home and are seeking a mortgage. You need to borrow $620,000.

a. The bank offers a 25-year mortgage with fixed monthly payments and an interest rate of 0.5% per month. What is the amount of your monthly payment if you take this loan?

b. Suppose you take the 25-year mortgage described in part (a). How much will you still owe on the mortgage after 15 years?

Reference no: EM132655911

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