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1. Find the amounts you will have to pay for the first, second, and third months for this loan if you use the full extra
1. Find the amounts you will have to pay for the first, second, and third months for this loan if you use the full extra principle payment strategy. Also find the amount of interest saved for by using this strategy. Amount borrowed: $45,000 Interest rate: 9% Length of loan: 15 yrs. Monthly payment: $456.42 Payment Number 123456 Beginning Balance $45,000.00 $44,881.08 $44,761.27 $44,640.56 $44,518.94 $44,396.41 + S Interest Principal $337.50 $118.92 $336.61 $119.81 $335.71 $120.71 $334.80 $121.62 a) Amount to pay for first month: +S $333.89 $122.53 $332.97 $123.45 b) Amount to pay for second month: $ c) Amount to pay for third month: = S d) Amount of interest saved to this point: Ending Balance $44,881.08 $44,761.27 $44,640.56 $44,518.94 $44,396.41 $44,272.97 total amount sent in the 1st month. total amount sent in the 2nd month. total amount sent in the 3rd month.
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