Suzan Long is considering buying a home for$350,000.(a) If she makes a down payment of $50,000 andtakes out a mortgage on the rest of the moneyat 5.5% compounded monthly, what will be hermonthly payment to retire the mortgage in 15years?(b) Consider the 60th payment. How much will theinterest and principal payments be?
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Suzan Long is considering buying a home for
$350,000.
(a) If she makes a down payment of $50,000 and
takes out a mortgage on the rest of the money
at 5.5% compounded monthly, what will be her
monthly payment to retire the mortgage in 15
years?
(b) Consider the 60th payment. How much will the
interest and principal payments be?
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