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What is the mortgage balance at the end of year ten

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Reference no: EM133187331

Question - A mortgage amortization schedule based on the following terms.

Amount: $640,000

Rate: 10 Year Treasury plus 275 basis points

Term: 10 Years

Amortization: 30 Years

Payment: Annually

Required -

1. What is the annual payment?

2. What is the payment constant?

3. What is the mortgage balance at the end of year 10?

3. For the first payment, how much is Interest?

Reference no: EM133187331

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