Estimate cost of financing, Cost Accounting

Calculate the equal monthly payments and the cost of financing on a 10-year mortgage. The cash value of the house today is $500,000. You are paying monthly at a fixed rate of 6% per year compounded daily. You are required to downpay 10% of the house value at the beginning. At the end of the mortgage you plan to pay off one-half of the today's cash value of the house. The first monthly payment is one month from the start of the mortgage.

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