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A borrower obtains a fully amortizing CPM loan for $131,000 at 8 percent interest for 10 years. Required: a. What will be the monthly payment

A borrower obtains a fully amortizing CPM loan for $131,000 at 8 percent interest for 10 years.

Required:

a. What will be the monthly payment on the loan? b. If this loan had a maturity of 30 years, what would be the monthly payment?

(For all requirements, do not round intermediate calculations. round your final answers to 2 decimal places.)

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