Jane has just bought a new apartment and taken out a home mortgage for $250,000....
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Finance
Jane has just bought a new apartment and taken out a home mortgage for $250,000. The mortgage is a 20-years fixed-rate with 3% annual interest rate compounded monthly and equal total payments. 1. Complete the first and last three rows of the amortization plan.
2. Compute the monthly payment in the case of equal principal payments.
Assume now that after 10 years they decide to close the mortgage. The bank applies an overall penalty for the operation of 1.5% of the total unpaid balance at the moment of the early closure. Compute the due amount.
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