You need a 30-year fixed-rate mortgage to buy a new home, Financial Management

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You need a 30-year fixed-rate mortgage to buy a new home

1. You need a 30-year, fixed-rate mortgage to buy a new home for $640,000. Your mortgage bank will lend you the money at a 9% APR for this 360-month loan. What should be the monthly mortgage payment?

2. Same question as above, what is interest and balance paid in the 13 to the 25th years?

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Financial Management: You need a 30-year fixed-rate mortgage to buy a new home

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Financial Management: You need a 30-year fixed-rate mortgage to buy a new home

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