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actsc231A6_part2 - ACTSC231 ASSIGNMENT 6 PART 2 DUE MONDAY...

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ACTSC231 ASSIGNMENT 6 PART 2, DUE MONDAY, AUG 2 Instructions : You need to submit one Excel file that contains all your answers in the Drop Box on the UW-ACE web site by the end of Monday Aug 2. You can use a different sheet within your Excel file for each sub-question; name the sheet according to the sub-question(s) it refers to (e.g., 1b, 2bc, etc). when asked to provide an amortization schedule, this should include: time t, payment at time t, interest paid at time t, principal paid amount at time t, outstanding balance at time t. If the question also asks for a specific answer, indicate your answer near the top of your sheet and highlight it so that is easy to see. Note: all amounts should be rounded to the nearest cent. Hence it is possible that your last payment will have to be adjusted (increased or decreased) to take into account rounding errors. [20 points] Anne wants to buy a house selling at $500,000. She can afford to make a down payment of $90,000. She wants to take out a 25-year mortgage with monthly (end of the month) payments based on a nominal rate of 4.5% compounded monthly.
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