You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local...
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You plan to purchase a $200,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments. Complete this question by entering your answers in the tabs below. Required A. Required B Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Monthly payment Frequired Required B > Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months) Beginning Loan Payment Interest Balance Principal Month Ending Loan Balance 1 2 3 4 5 6
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