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3. What is the monthly payment amount on a 30-year $100,000 8.2% amortized loan with equal total payments? 4. You are quoted 8.2% on a

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3. What is the monthly payment amount on a 30-year $100,000 8.2% amortized loan with equal total payments? 4. You are quoted 8.2% on a loan that will have monthly payments. What is the effective annual rate of this loan? Explain why the the quoted rate and EAR are different

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