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A contractor is financing the purchase of a storage facility. The loan will be paid over a 1 5 - year period at 6 .

A contractor is financing the purchase of a storage facility. The loan will be paid over a 15-year period at 6.5% interest rate per year. Currently this contractor pays $1,149 per month for this loan. He secured this loan 6 years ago. Now he wants to pay off the rest of the loan at as a lump sum. Compute:
(a) The original purchase price of the storage facility.
(b) How much does he have to provide now to pay off the loan?

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