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You plan to get a mortgage which is an amortized loan. The mortgage is $350,000 for...

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Finance

You plan to get a mortgage which is an amortized loan. Themortgage is $350,000 for 15 years with APR of 3.5% compoundingmonthly. How much is the interest payment of the 8th month of the8th year? How much is the balance after 12 years?

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interest payment of the 8th month    See Answer
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Transcribed Image Text

You plan to get a mortgage which is an amortized loan. Themortgage is $350,000 for 15 years with APR of 3.5% compoundingmonthly. How much is the interest payment of the 8th month of the8th year? How much is the balance after 12 years?

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