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4)Suppose you have $300,000 of loan. The terms of the loan are that the yearly interest is 9% compounded monthly. You are to make equal
4)Suppose you have $300,000 of loan. The terms of the loan are that the yearly interest is 9% compounded monthly. You are to make equal monthly payments of such magnitude as to repay this loan over 20 years. (Keep all your answers to 2 decimal places, e.g. XX.12.) (a) How much is the monthly payment? (b) After 10 years' payments, what principal remains to be paid? (c) How much interest is paid in the first month of the 11th year? (d) How much is the total interest paid over the 20 years?? (e) If you have a lump sum payment of $25,000 at the end of 10 years, and maintain the same level of monthly payment, when will you pay off your loan, i.e. how many years in total will you pay off the loan
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