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Q1. You plan to purchase a $100,000 house using a 30-yearmortgage obtained from your local credit union. The mortgage rateoffered to you is 8.25%. You will make a down payment of 20 percentof the purchase price. Calculate your monthly payments on thismortgage. Calculate the amount of interest and, separately,principal paid in the 25th payment. Calculate the amount ofinterest and, separately, principal paid in the 225th payment.Calculate the amount of interest paid over the life of thismortgage.
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