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1. Billy purchased a mortgage for $200,000 to be paid off with level payments every month for 30 years. The mortgage has an 8% interest

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1. Billy purchased a mortgage for $200,000 to be paid off with level payments every month for 30 years. The mortgage has an 8% interest rate annually convertible monthly. If Billy decides to pay an additional $100 for each payment for the first 10 years, determine the balance on the loan immediately after the 120th payment

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