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You have just made an offer on a new home and are seeking a mortgage....

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Finance

You have just made an offer on a new home and are seeking a mortgage. You need to borrow $598,000.

a. The bank offers a 30-year mortgage with fixed monthly payments and an interest rate of 0.48% per month. What is the amount of your monthly payment if you take this loan?

Your monthly payment will be $ ??? (Round to the nearest cent.)

b. Suppose you take the 30-year mortgage described in part (a). How much will you still owe on the mortgage after 10 years?

The remaining loan amount will be $ ??? (Round to the nearest cent.)

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