You take out a 30-year mortgage for 250,000 to be repaid with end-of-month payments beginning...
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Accounting
You take out a 30-year mortgage for 250,000 to be repaid with end-of-month payments beginning in one month. The interest rate is 4.8% compounded monthly. Find: (a) The monthly payment amount [1311.67] (b) The balance after 10 years (202,117.53] (c) The balance after 20 years (124,809.94] (d) The total interest paid in the 6th year (payments 61-72)[10,881.84] (e) The total principal paid in the 6th year (4,858.20]
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