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A 30-year fixed-rate fully amortizing mortgage loan is made for $400,000 at 8% interest rate. a. What is the monthly payment? b. (continued from part
A 30-year fixed-rate fully amortizing mortgage loan is made for $400,000 at 8% interest rate.
a. What is the monthly payment?
b. (continued from part a.) What would be the balance of the loan at the end of 5th year?
c. If the borrower makes the monthly payment of $3,500 instead, what would be the balance of the loan at the end of year 5?
d. (continued from part c.) If the borrower pays $3,500 every month, when will she pay off the loan
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