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Develop an amortization table for this loan

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Reference no: EM131127908

Consider a 30-year graduated-payment mortgage on a $250,000 mortgage with yearly payments. The stated interest rate on the mortgage is 6%, but the first annual payment is calculated assuming a 3% rate for the life of the loan. Thereafter, the annual payment will grow by 3.151222%.

Develop an amortization table for this loan, assuming the initial payment is based on 30 years and the loan pays off in 15. 

Reference no: EM131127908

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