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30 A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an interest-only
30 A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an interest-only loan for 5 years with monthly payment, i.e., you pay monthly interest only for the first five years, and then you make equal amortized payments monthly in the second fifteen years, how much are your monthly payments in second fifteen years? Type in your numerical answer with two decimal numbers. No dollar symbol. t of
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