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21-12-2022
Mathematics

Answered

Secondary Mortgage Purchasing Company (SMPC) wants to buy your mortgage from the local savings and loan. The original balance of your mortgage was $153,000 and was obtained five years ago with monthly payments at 10 percent interest. The loan was to be fully amortized over 30 years.

Required:

a. What should SMPC pay if it wants an 11 percent return?

b. What is the balance of the original loan after five additional years (10 years from origination)?

Answer :

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