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You take out a mortgage in the amount of $200,000 for 30 years at a rate...

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Finance

You take out a mortgage in the amount of $200,000 for30 years at a rate of 5.75%:

a. What is the monthly payment amount?

b. How much interest will you pay over 30years?

c. What will be the payoff at the end of the 5thyear?

d. How much interest will you pay during the 5thyear?

Please show your work and explain youranswers.

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Transcribed Image Text

You take out a mortgage in the amount of $200,000 for30 years at a rate of 5.75%:a. What is the monthly payment amount?b. How much interest will you pay over 30years?c. What will be the payoff at the end of the 5thyear?d. How much interest will you pay during the 5thyear?Please show your work and explain youranswers.

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