Barb and John bought a house for $250,000 on June 1st. They made a down...
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Barb and John bought a house for $250,000 on June 1st. They made a down payment of 10% and financed the balance over 15 years at 3.5% annual interest.
a) What is their monthly mortgage payment
b) How much interest will they pay in the first year?
c) How much principal will they repay in the first year?
d) What is the outstanding principal balance on their loan at year end?
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