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A debt of $20 000.00 with interest at 4.8% compounded monthly is to be repaid by equal payments at the end of every month for
A debt of $20 000.00 with interest at 4.8% compounded monthly is to be repaid by equal payments at the end of every month for four years. 1. Calculate size of monthly payments. 2. What is the cost of financing? 3. Construct amortization table. 4. Calculate outstanding balance after 20th payments. 5. How much of the principal will be repaid by the 21st payment
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