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The mortgage is payable monthly over a 30 year period your

a. You buy a house; your mortgage is $200,000. The mortgage is payable monthly over a 30 year period. Your banker quotes an annual interest rate of 6%. (a) Calculate the amount of the monthly payment?

b. Assume you make your monthly payments for 10 years, and you want to sell your house. How much do you owe on your mortgage after 10 years?

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