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11. (15 pts) Five years ago, you and your spouse bought your dream home. The selling price for the house was $375,000. You had enough money for a 15% down payment with the balance to be paid back at 9% compounded monthly for 15 years (9%/yr/mo). After making the 60th payment, you decide to double the part of your next payment that goes to reduce the principal. What will your 61st payment be? Need to find E61

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Value of Home $375,000 Down Payment-15% Value of Mortgage Loan-$375,000 x (1-15%) S318,750. Value of Mortgage Loan is S318,75B5 JMT(B3/12,B2*12,-B1) 1 Value of loan 2 Tenure 3 Annual interest rate 4 5 Monthly Payment $318,750 15 year 9.00% $3,232.97After making the 60th payment, 120 payment remains. So total outstanding value after 60th payment will be Present value of neTotal interest payment in 61th Payment-S255216.50 x 996/ 12 S1,914.12. Total Principle payment-$3,232.97 - S1,91412 -S1,318.8

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