Mike Jones bought a new split-level home for$150,000 with 20% down. He decided to use Victory Bank for his mortgage. They were offering 13 3/4% for 25-year mortgages (11.85%). Provide Mike with an amortization schedule for two periods. 1. Portion to-- interest: ?? principle:??, Balance of loan outstanding: ?? 2. Portion to-- interest: ?? principle:??, Balance of loan outstanding: ??

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A: First we need to determine the loan amount. This can be determined with the formula below:In the…

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Q: Mike Jones bought a new split-level home for $150,000 with 20% down. He decided to use Victory Bank…

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A:

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