You plan to take a 30-year mortgage in the amount of $800,000 to buy a home. The bank charges 5.5% annual interest compounded monthly. You are going to pay off this loan by fixed installments (fixed total payment) to be made at the end of each month for thirty years. How much is each installment payment? How much is the total principal repayment after four months? How much is the total interest payment after four months. Draw an amortization table showing beginning balance, total payment, principal payment, interest payment and ending balance for four months
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