Find the indicated amounts for the fixed-rate mortgages. Purchase Down Mortgage Interest rate price of home payment amount $200,000 Years Monthly payment Mortgage per $1,000 payment Total paid for mortgage Interest paid $0 4.50% 30 Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The mortgage amount is $ 200,000. (Round to the nearest dollar as needed.) The monthly payment per $1,000 is $ (Round to the nearest cent as needed.)

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.