You borrowed 80000 to finance the purchase of a property, Financial Management

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You borrowed 80000 to finance the purchase of a property

You borrowed $80000 to finance the purchase of a property through a standard, 30 year fixed rate mortgage with an annual interest rate of 8 percent, compounded monthly. a. what is your monthly mortgage payment? b. how much interest and how much principal repayment are in your first monthly mortgage payment? c. how much interest will you pay over the full life of the mortgage?

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Financial Management: You borrowed 80000 to finance the purchase of a property

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Financial Management: You borrowed 80000 to finance the purchase of a property

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