Consider a 20-year graduated-payment mortgage on a $150,000 mortgage with yearly payments. The stated interest...
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Accounting
Consider a 20-year graduated-payment mortgage on a $150,000 mortgage with yearly payments. The stated interest rate on the mortgage is 6%, but for the first payment it is calculated assuming a 3.5% rate for the loans life-time. Assuming the annual payment will grow by 2.7%, develop an amortization table for this loan.
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