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What is the estimated payoff on the mortgage question

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Reference no: EM132577891

1. Suppose you are buying your first house for $220,000 and are making a $20,000 down payment. You have arranged to finance the remaining amount with a 30-year monthly payment amortized mortgage at a 5.75% nominal interest rate. What will your monthly payments be?

a. $1,167.15
b. $1,900.88
c. $1,200.93
d. $1,962.70
e. $1,324.02

2. What is the estimated payoff on the mortgage question above after you have paid for 10 years? Show how you obtained the mortgage balance using Excel and the balance.

Reference no: EM132577891

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