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What are the monthly payments on the mortgage

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Reference no: EM131058121

Assignment - Construction of an Amortization Schedule

Complete items a through d below related to the mortgage information provided.

You plan to purchase a $750,000 home using a 30-year mortgage obtained from a local commercial bank.

The mortgage rate offered is 5.25 percent and requires a 20 percent down payment.

a. What are the monthly payments on the mortgage?

b. Construct the amortization schedule for the first 10 payments.

c. If the rate offered was 7.50 percent, what would the monthly payments be?

d. If a 15-year mortgage with a 4.50 percent rate and 20 percent down payment was.

Reference no: EM131058121

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