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Daniel and Jan agreed to pay $545,000 for a four-bedroom colonlal...

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Accounting

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Daniel and Jan agreed to pay $545,000 for a four-bedroom colonlal home in Waltham, Massachusetts, with a $60,000 down payment. They have a 25 -year mortgage at a fixed rate of 683%. (Use Table 15.1.) a. How much is their monthly payment? Note: Do not round intermediate calculations. Round your answer to the nearest cent. b. After the first payment, what would be the balance of the principal? Note: Do not round intermediate calculations. Round your answers to the nearest cent

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