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Homework answers / question archive / Consider the following fixed-rate level payment mortgage: - Maturity = 20 years; amount borrowed $500,000; mortgage rate = 6% per annum a

Consider the following fixed-rate level payment mortgage: - Maturity = 20 years; amount borrowed $500,000; mortgage rate = 6% per annum a

Finance

Consider the following fixed-rate level payment mortgage: - Maturity = 20 years; amount borrowed $500,000; mortgage rate = 6% per annum a. Calculate the monthly mortgage payment. (4 points) b. Calculate i) the interest, ii) scheduled principal payment for the first month and iii) the outstanding balance of the mortgage loan at the beginning of the second month. (6 points)

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