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1. The monthly payments for a $100,000 loan at an interest rate of 6% per annum amortized over 30 years is $599.55. What is the

1. The monthly payments for a $100,000 loan at an interest rate of 6% per annum amortized over 30 years is $599.55. What is the loan constant for the first year?

2. If the above loan were amortized over 25 years instead of 30 years, the monthly payments would be $644.30. What would the constant for the first year of the loan be?

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