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2-10 You purchase a house and take out a $650,000 loan with a 15 -year term at 3.8% nominal annual interest rate (monthly compounding). a)

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2-10 You purchase a house and take out a $650,000 loan with a 15 -year term at 3.8% nominal annual interest rate (monthly compounding). a) What are your monthly payments to the nearest penny? b) If you pay off the loan at the end of 5 years (after your 60th payment), how much will you have to pay the bank at that time to the nearest penny

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