A $175,000 mortgage is taken out for 15 years at 4.75% fixed interest with payments...
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Accounting
A $175,000 mortgage is taken out for 15 years at 4.75% fixed interest with payments paid monthly. Create an amortization schedule for this loan.
A. What are the monthly payments?
B. How much interest is paid during each of the first five years?
C. How much interest is paid during year 14?
D. Explain why the interest payment has decreased each year.
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