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1.Given the following information, estimate the payment on the loan: Loan Amount: $200,000 Payment factor: 8.44% Term: 30 years 2. Given the following information, what

1.Given the following information, estimate the payment on the loan:

Loan Amount: $200,000

Payment factor: 8.44%

Term: 30 years

2. Given the following information, what is the monthly payment assuming this is an interest-only mortgage?

Loan amount: $200,000

Term: 15 years

Interest Rate: 7.5%

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