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Jasmine and her husband are considering trading up their home byselling their current hous

Jasmine and her husband are considering trading up their home byselling their current hous

Jasmine and her husband are considering trading up their home byselling their current house, and buying a new house at a price of$450,000. They plan to sell their current house for $280,000, anduse the money for a down payment. They will take out a mortgage tocover the remaining balance. The interest rate for such a mortgageamortized over a 20-year period is 7.75%, compounded monthly.

a) What will Jasmine’s monthly mortgage loan payment be?

b) What will be the total interest that Jasmine and her husbandwill pay over the 20-year life of the loan?

c) How much of her 1st payment is towards interest, and how muchis applied against the principal of the

mortgage loan?

d) Use Excel to construct an amortization table for the first 12payments, and print out the table with your

name and ID.

e) How much is still owing after five years?

f) How much of the 61st payment is towards interest, and howmuch is applied against the principal of the

mortgage loan?

Abhinav 04-Dec-2019

Answer (UnSolved)

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