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8. Gail is paying off a $40,000 4-year loan at a rate of 6.5% compounded monthly. 4 pts Find: N- (a) the monthly payment. IX-

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8. Gail is paying off a $40,000 4-year loan at a rate of 6.5% compounded monthly. 4 pts Find: N- (a) the monthly payment. IX- PV- PMT - FV- P/Y- CNY (b) She decides to pay off the loan just before making her 24th payment. Find the amount due. She must pay the balance plus the 24th payment. N- 1% = PV- PMT - FV- PNY - CN

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