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What would be the monthly payment

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Question - Mortgage Loan. (Calculator set on END). Congratulations! You've saved up enough money for a down payment and now you're ready to buy your first home. You find a nice home in Bothell that is selling for $600,000. You can make a down payment of 20% and are going to borrow the remaining $480,000 under a 30-year fixed-rate mortgage at 3.25%.

Required -

a. Compute the amount of your monthly payment

b. Prepare amortization schedule covering the first 3 payments on this loan

c. While filling out your mortgage application, you see that there is a 15-year loan available with an annual interest rate of 3.0%. What would be the monthly payment on this loan? How much total interest would you save over the life of the loan if you could afford this higher payment?

Reference no: EM132489265

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