Consider a 124000 700 percent 30-year constant payment, Financial Management

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Consider a 124000 700 percent 30-year constant payment

Consider a $124,000, 7.00 percent, 30-year, constant payment mortgage (CPM) with monthly payments.

a) What is the required monthly payment on this mortgage?

b) If the first payment on this loan is on April 1, 2004, how much total interest will be paid on this mortgage during 2004?

c) How much interest will be paid on this mortgage during 2005?

d) What will be the principal balance outstanding at the end of the ninth year?

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Financial Management: Consider a 124000 700 percent 30-year constant payment

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Financial Management: Consider a 124000 700 percent 30-year constant payment

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