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4 . Suppose a borrower and lender agree to a 3 0 - year, monthly payment loan in which the interest rate is fixed for

4. Suppose a borrower and lender agree to a 30-year, monthly payment loan in which the interest rate is fixed for the first 3 years at 7% and will change to 6% at the beginning of year 4. The loan is fully amortizing in all years. What will the payment be in month 63? How much principal will be contained in that payment?

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