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6. You borrow $100,000 for 18 years at an annual rate of 7%. What would be your fixed QUARTERLY loan payment? 7. For the loan

6. You borrow $100,000 for 18 years at an annual rate of 7%. What would be your fixed QUARTERLY loan payment?

7. For the loan in #6 above, what percent of your first payment would apply to the principal?

8. Confirm that after you make 12 years of payments, the amount needed to fully pay off the loan in #6 would be $47,748.74.

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