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A debt of $36,000 is repaid over 13 years with payments occurring annually. Interest is 8% compounded monthly. (a) What is the size of the

A debt of $36,000 is repaid over 13 years with payments occurring annually. Interest is 8% compounded monthly.

(a) What is the size of the periodic payment?

(b) What is the outstanding principal after payment 7 ?

(d) How much principal is repaid in payment 8 ?

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