Elkford Loggings bank will fix the interest rate on a $60,000 loan at 8.1% compounded monthly for
Question:
a. If the interest rate after four years is 7.5% compounded monthly, when will the loan be paid off?
b. What will be the amount of the final payment?
c. What is the interest portion of the thirty-second payment?
d. Calculate the principal portion of the fifty-eighth payment.
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