The Sharmas purchase a new home for $275,000. Suppose they put 40% down and finance the rest througha mortgage (an amortized home loan) at an annual rate of 4.1%, compounded monthly for 30 yr.1. Find their monthly payment.2. If the Sharmas make every payment, what is the total amount they will pay?3. Find the total interest they will pay on their mortgage, assuming that they make all payments. Please refer to the notes we had. Now we are interested in creating an amortization schedule for the Sharmas’ mortgage. From the workwe did, we know thatP= $165,000, p= $797.28, r= 4.1% = 0.041and the schedule looks like
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The Sharmas purchase a new home for $275,000. Suppose they put 40% down and finance the rest through...
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